Skip to comments.Average city rent passes $3,000 while home prices soar in Brooklyn and Queens
Posted on 07/11/2013 2:05:56 PM PDT by lowbridge
The average monthly apartment rent in the city has soared past $3,000 for the first time, and the scarcity of housing is driving home hunters out to suddenly pricey Brooklyn and Queens, new reports on the super-tight market show.
In contrast, the average national apartment rent is $1,062, a little more than one-third the average city rent of $3,017 excluding Staten Island, according to Reis Inc., a real-estate research firm.
Second-place San Francisco isnt even close, at a mere $1,998.82 a month.
Residents who feel priced out of Manhattan may soon be priced out of the five boroughs altogether.
Median sales prices for Brooklyn homes rose 15.3 percent in the past year to $550,000, a 10-year high, according to a new Douglas Elliman market report.
In Queens, the inventory of homes for sale is at an eight-year low, and the median price jumped 9.9 percent to $390,000.
As Manhattan gets stronger, the outlying areas are benefiting significantly, said Gary Malin, president of Citi Habitats. All areas in close proximity to Manhattan are building new buildings with fantastic amenities and a significant price differential.
The market is getting so tight that 300 people showed up at a recent open house for a single apartment in Brooklyn Heights.
(Excerpt) Read more at nypost.com ...
We were paying close to $3,000 back in 2008. Of course, we were in mid-town which, I guess, is a plus. Still, the toilet barely worked.
Well, that’s just nutty. I know many people think NYC is the only place on earth worth living in but c’mon! You couldn’t pay me to live there if I were a millionaire. But that’s just me. Others may differ.
I had the idea the other day that the statist types are all rushing for position around the Big Tit. EVERYBODY senses that something dark this way comes...
The Ben Bernanke effect.
” The Ben Bernanke effect.”
LOL...true. Wait until he pulls the plug : )
Bloomberg is getting the yuppie playground he envisioned.
Back when they tried to implement “congestion pricing” in lower Manhattan (which failed) I suggested that NYC fight its own wars rather than counting on the blood of people who can’t even afford the tolls into the city.
I’m barely ten miles from NYC (I can’t see it from my house, but I can with a 5 minute walk up a hill); I haven’t been there in over 10 years, and don’t intend to ever again.
Maybe in part. But see www.diehipster.com for the actual and immediate reason.
Concrete jungles-—no thanks. At least I can grow a garden out back in my totally paid for home. I do miss NY summer weather though. Much more milder than Tx scorchers. Otherwise, nyet! Who wants to be priced and taxed up the wazoo by deranged LIEberals up there.
I grew up there and moved out last year. Best thing I ever did. The place is nothing short of hell on earth, what I like to call “North Korea with food”. Everything revolves around “The Dear Leader”. Every parade, every event, every happening, all his edicts, his wants, his desires, The Dear Leader is everywhere front and center even in the privacy of your own $3000 a month apartment. Every New Years you would think The Dear Leader would let a kid with cancer or any kid for that matter drop the New Years ball, but NOOOOO the Dear Leader has to be front and center every single year. People may like to live like that, live like children being told what to do, what to eat, what to drink, if they are allowed to start a business, what they can own or not own, or how much money they can have but not me. So I moved, or escaped is a better word.
Doesn’t New York have rent control? Or at least some buildings have rent control? How can these prices be so high, if there are controls on the market price of rent?????
Not just NYC; hipsters make everywhere they tread unaffordable.
Heh; good website. “Fauxhemians”. I like that. Thankfully, we don’t have hipsters here in my little part of the world.
I guess he’s right:
Same here. AZ 130 deg temps keeps them far away.
E\Not even 60s hippies as a cultural movement, wreaked the destruction hipsters have. hey are OWSies to the core besides.
But Daddy’s money must be spent on something...you know...to help show the evils of capitalism.
Edit: “THEY are OWSies”
I would rather live in a hollow log in the Great Pee Dee river swamp than in New York City.
Pretty much. From what I read on the website, they’ve made large swaths of Brooklyn unaffordable for the people who live there. There’s a couple of districts in Prague that are like that, but that’s far from me. In Prague, it’s expats who’ve priced the locals out of the market.
Some of my Portland, OR friends e-mail me complaining about the hipsters up there doing much the same as they’ve done to Brooklyn, and yeah, hipsters are annoying. They’ve been around awhile; I remember ‘proto-hipsters’ in Portland in the mid-90s when I lived there, in the Pearl District before it was all gentrified. They were just as pretentious then as they are now. Trust-fund babies, mostly.
IMO, and I think reality bears it out, are the logical conclusion of “You are special” being force fed every kid at home/in school since the 90s.
Why WOULDN’T they do the crap they do? They were taught to do and to BE exactly that. Selfish things that care for nothing around them. Only the ‘self’.
Not that I think that’s OK, just that I understand how they ended up the way they did. And since mom and dad created them (in all ways) they will continue to fund their excesses rather than admit their liberalism destroyed their children...and multiple cities across the planet.
It’s a good place to live if you have money and a good place to make money if you have talent.
Also a good place to spend money with educated girls from every corner of the globe who look better than models everywhere. In some places in Manhattan, single women outnumber men 2 to 1.
I love to go out to the country (with girls I meet here) but wouldn’t want to be single anywhere else.
They’ve always struck me as frankly narcissistic. In the mid-90s, the proto-hipsters were mostly the ‘arty’ types; artistes. OK, I understand, artistes have the artistic temperment, and they’re flaky and whatnot. But there were a few among that crowd, as I recall, that were genuinely artistic. What I didn’t like was their hypocrisy; they were so into the ‘authenticity’ of the working-class lifestyle and neighborhood, yet none of them had ever worked so much as a day in their life. Quite a few were professional students in college. I come from a working-class background, and when Mommy and Daddy are paying for an extended adolescence, I really don’t consider that ‘authentic working class’ living.
I currently live in what is very much a working-class town, a steel town. The downtown core - several miles away - is trying to get a little more upscale, and I can understand it to an extent; what else are you going to do with a defunct, Communist-era steel mill but tear it down and build something new in its place? There’s still three steel mills going here, with one of them also having branched out into making heavy machinery, and these three mills employ a pretty good sized chunk of the locals.
But times are changing here, too. One of the mills may close sometime later this year or early next year. What that will bring is hard to say, and the city leaders are concerned about the long-term outlook; 20 or 30 years down the road. At least they’re thinking ahead, so hopefully, it won’t be so bad.
$3,000/mo. — that’s over $36,000 a year! Where do NYers work that pay them a salary to afford that kind of rent???
Plenty of industries here pay more than enough for that rent to skilled proven professionals. There are also many business owners due to the density. Each block full of office buildings houses hundreds, sometimes thousands of businesses. Many companies here do business with the entire world. One building I visited today housed a defense contractor, a high end frilly fabric factory, a software designer, one of the best bridge designers in the world, an air cargo company and at least 10 other firms I didn't recognize.
Not to mention all the owners and investors of so much super valuable real estate.
Lots of action here in NYC if you have the drive and talent.
Well I’m originally from Chicago but I sure don’t miss the weather. However it does qualify as a concrete jungle even though I left there 44 years ago before it got as bad as it is now. I love living in Texas, hot summers and all, and can’t imagine ever leaving. I do miss how it was when I first moved here though, slower paced, less crowded, and more friendly.
I visited NYC in 1960 so I’m sure it’s way worse now than it was then. It was fine for a long weekend but that’s all. Congratulations on your “escape”. LOL.
It used to be a cool place back then, 60s, 70s, even the 80s despite the crack epidemic in the 80s, but once Guliani came in it was like he opened the flood gates to hell. Yeah it’s good he cleaned up the city, but with every good comes bad. Liberals saw they could play tyrant like him and that’s exactly what they did. But instead of doing good for the city they made it hell. And then Bloomberg came in... and it went from hell to beyond hell-it became a mini North Korea.
Something that is never talked about is that suicides have skyrocketed in that city. If you pay attention to the news there, you’ll most likely read about a suicide almost every day. It’s worse than hell, I couldn’t describe it any better than that..If i lived there any longer I would have either killed somebody or killed myself. The city was driving me THAT crazy. I’m not talking about the population, I’m talking about the government: Bloomberg in particular. The guy does everything humanly possible to see you fail in your business, everything he can to steal your money and regulate you into non-existence. And not just your business, your personal life as well. EVERYTHING is about him! And just think: Liberals want it like that for the REST of the country!
Something really wrong there. Wow. There are plenty of folks suffering elsewhere in the country, but they don't kill themselves. Seems to me, if a person is that bad off they should pick up and move somewhere else; a change of locale can improve the mood.
What’s really bizarre is a lot of them choose to throw themselves out a window or off a roof, which to me I take as a way they are getting back at the city. I mean why not overdose or inhale carbon monoxide or slit their wrists? No, it’s almost always throwing themselves out a window which besides risking the lives of the people walking underneath them, also creates a mess for the city to clean up.
Look at this one, this woman jumped out with her BABY..She dies and the baby lived...
Yeah, Bloomberg is a piece of work. But judging from the candidates running for mayor now, New Yorkers aren’t going to do much better with a new guy.