"Do I even need to say it?"
Posted on 03/11/2022 7:56:10 AM PST by millenial4freedom
Rents in Manhattan are once again hitting new record highs, after cratering during the pandemic.
The median monthly rent for a Manhattan apartment was a record $3,700 in February. That was up 24% from a year ago and up an unusually large 4.2% from January, according to a report from brokerage Douglas Elliman and appraisal firm Miller Samuel.
"What we're seeing is a rapid rebound and an unprecedented climb in rental prices," said Jonathan Miller, president and CEO of Miller Samuel. "In all categories, everything is going up."
(Excerpt) Read more at msn.com ...
Does signing a new lease come with a shield for defense of hammer and bat attacks?
"Do I even need to say it?"
The last time the net-effective rent was that high was in April 2020, at $3,540 a month, after the pandemic’s onset but before the bottom fell out of the rental market.
A one year change measures what? picked points of measurement.
Headlines are worthless, text has some elements of truth. THINKING CAPS are essential.
Some factors that might come into play here:
1) Are evictions available for landlords when renters do not pay or are a major nuisance?
2) If person A is evicted can the landlord raise the rent for new renter B?
3) Is new housing being built in the city and how much is being built?
These and other factors will drive up the costs of housing.
NYC is emptying out, for all those that can leave.
Sorry, but it will never be what it was.
No reason for it anymore.
Wall Street? Not Needed.
Media, Fashion, Food Culture, International??? why?
Industry? not in this lifetime.
Cosmopolitan Nature? better offerings else where.
Maybe we need more Hammer Attacks? or pushing folks in front of Subways? Or Feces in your face?
Like an Old Whore - worn out and corrupted at its core
It’s done folks.
This is fake. NYC has lost people. The reality is that they are comparing it to 2020 and 2021. So rents are higher. And new rents can rise where old renters can only rise so much. This is not a sign that NY is doing well. Its not. People are leaving. People have left. But pay is higher. And landlords have greater expenses.
Who cares?
Consider the sources.
If you’re a taxpayer, you should.
After graduating college, my nephew got a job in Manhattan. The cheapest 1 bed, 1 bath apt he could find, 4 yrs ago, was $4700.00. It’s surprising how low this article states on current values.
NYC is emptying out, for all those that can leave.
Sorry, but it will never be what it was.
No reason for it anymore.
Okay.....then, please explain why the NYC rents are at an all-time high (as the thread title suggests).
TIA
Who owns the rental properties in NYC?
Manhattan never really lost its luster so to speak. Location, location, location will always win out over the long run. When things dipped last year, that was buying season
Manhattan isn’t all of NYC, you still have queens, brooklyn, bronx, staten island
Right. I am not the one who needs to read that, though.
You may want to post that to the poster I was replying to, who said, ‘NYC is emptying out, for all those that can leave’.
Only....it doesn’t work, like that.
Fewer people in your RENTERS pool means lower prices, not higher.
Chicoms?
No idea.
Who?
Also, what is the actual supply of rental properties compared to before? Were they converted to Condos, and taken out of the rental market? I don’t know.
No idea....and, no idea how to find out.
Maybe a NY Realtor can help us out, with those great questions.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.