Posted on 05/12/2022 9:57:14 AM PDT by nickcarraway
Manhattan rents just hit an all-time high -- again. For the third straight month, rents have reached new record highs.
The monthly rent paid by a tenant for a condo or coop in Manhattan was $3,870 in April, up 39% from a year earlier, according to a report from the brokerage firm Douglas Elliman and Miller Samuel Real Estate Appraisers and Consultants. Last year, the net effective median rent -- or the amount tenants pay after factoring in incentives from landlords -- was $2,791.
"There was a significant acceleration in rental prices in April, jumping nearly 40%," said Jonathan Miller, president and CEO of Miller Samuel. He said that in the preceding six months the typical year-over-year increase was around 22%.
(Excerpt) Read more at wicz.com ...
There was a good movie about that called “Pacific Heights” Talk about a nightmare for the Landlord.
Maybe it does in New York, but not in most places, even Democrat-dominated cities.
I believe there is a lot of new building.
Scroll through YIMBY daily and you'll see it.
How many sq. ft. is a coop for $3,870? Is that kinda like the size of a chicken coop?
Treat landlords as class enemies means fewer landlords and higher rents.
You really don’t know about the New York State tenant protection laws. They are brutal on landlords. There are countless accounts of evictions taking many months to several years.
Exactly. There are thousands of units off the market, not likely to return until the punitive laws against landlords are changed. Who would rent to tenants where the city can decided you can't evict them?
The Indian H1Bs are largely in my city (Jersey City) with many in my neighborhood. Bigger apartments and more amenities for those who bring families.
You would rarely find H-1Bs living in the most expensive areas. I am surprised Jersey City isn’t too expensive these days.
Commercial office space occupancy is awful in nearly every metro - people aren’t coming back to the office five days a week anymore. BTW: Zoom sucks - Teams is better!
JC is more expensive than Newark and even the central NJ suburban “garden apartments” down in Middlesex County where a lot of other H1Bs live. It’s just very convenient when you do need to get to an office, and you can fit more than one person in the larger apartments.
[I always thought Brett Schundler would be president someday.]
We all know Nick Carraway prefers Great Neck. West Egg ain’t East Egg but it will do.
LOL. True.
Current Mayor Fulop is as good as you will get for a Democrat - Especially after the disaster that was Jerry Healey ie Ted Kennedy without the money.
I remember. I just thought he could do better, since he had gotten elected in JC, which was not fertile ground for Republicans. And he would have been a much better governor for the 9/11 era.
A lot of folks like my husband and me.
I have looked at places that were dumps that cost more than our place, which isn’t a dump.
I just retired from 37 years as a property manager one year ago.
The courts where I am are no longer backed up. Tenants are finding their butts out on the street in 3 months times, tops with ruined credit to boot. Just as they deserve.
The Covid moratorium is over. Those people will never get back on their feet and having to pay months of rent and late fees. Thankfully I screened tenants well and none of them pulled that crap.
Just don't try that in the South Bronx, Harlem Bed Sty, Coney Island, etc, etc.
Actually, my county mostly uses a program called Webex. Same thing.
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