Posts Tagged 'rentals'

Rental Q&A via the NY Times

“The Rights of Condo Renters”

“Common Charges and Tenants”

“Retirees See the Value in Rentals” via the NY Times

I love this article that appeared in last weekend’s NY Times Real Estate section. Although it covers New Jersey, the discussion of retirees chosing to rent rather than own hits many of the points I try to highlight on this blog–namely, the burdens that can sometimes accompany the responsibilities of homeownership. Home-ownership is less attractive to older adults seeking lower taxes  (which are paid by their landlords); freedom from home maintenance chores such as gardening and snow-shovelling, not to mention that all the bad publicity about mortgaes and the housing crisis has been making being a renter more appealing.

Rental Q&A via the NY Times

“When it’s permissabile to break a lease”

“The rights of roommates”

Media Coverage of Citi-Habitats October Market Report

Ny Observer:

“Still Gotta Pay to Live in Manhattan”

“Renter’s Market in Manhattan? You Betcha!”

Curbed:

“Cheap LES Studios Still Not That Cheap”

Manhattan Vacancy Rates By Neighborhood: August 2008

West Village bucking the trend, with a vacancy rate hovering around 50%. Vacancy highest in the UWS, unsurprisingly the vacancy rate in the Financial District and BPC is also higher than May.

See also: Manhattan vacancy rates by neighborhood, June 2008

Manhattan Vacancy Rates Continue to Rise.

Manhattan is still a place where people want to live and where many people have to live because of their jobs. In the late 1990’s, vacancies hovered around 4%, and anything under 5% is still considered to be an extremely tight market. We’ve all gotten used to a frenzied, feverish tone being attached to all things real estate, whether the market’s going up or going down. On this chart we can see the gradual and steady rise of vacancies since May. Anyone think we’re gonna hit 4% by the middle of winter?

See also: Manhattan Rental Market Vacancies, June 2008

How Does Your Rent Compare? Citi Habitats Releases August Rental Market Report

Gloom! Doom! Etc, etc. Vacancies are up, apartments are sitting on the market longer and renters are being offered ever more incentives to sign on the dotted line. The higher end of the market is definitely the most negatively affected by the economic slowdown and the problems on Wall Street, so it’s no surprise that the Financial District and Battery Park City are currently the best neighborhoods to cash in on landlord-offered incentives like a free month’s rent and no broker’s fee. Units that are priced competitively in relation to market conditions, apartments that are located in  desirable neighborhoods like the West Village or are exceptionally renovated are moving as quickly as ever. Now, on to the charts! When compared to the chart of average rents in June, the table below shows some contraction in the one-,two-, and four-bedroom categories, but a small increase in the price of three-bedrooms.


About Me

Michelle Erfer is a licensed Real Estate Salesperson in New York City.
» About this blog
» See my latest listings
» Email me: merfer@citi-habitats.com