(Somebody had to post it.)
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 ...
I wouldn’t live there even if the rent was 28 beads
APP US announces 1.5-year extension for expiring work permits, including permits for H-1B spouses
I bet a lot of folks would like to move, but can’t afford to do it.
And won’t Deep State be pleased about that.
I got an idea. Sign a lease and don’t pay. It will be years before they can evict you.
I doubt many H-1Bs are living in Manhattan.
Sort of like Roy Clark at the Empty Arms Hotel charging $1 million a night. He only had to rent a room once.
Heap big wampum
They might live in NYC, but not Manhattan. What country do you think they are coming from?
“It will be years before they can evict you.”
A month or two at most. The moratorium is over.
And if you do that, you’ll likely never be able to rent anywhere else again until you pay off your lease obligations and eviction costs, because it’s all going on your credit report that almost every landlord nowadays checks. Many won’t rent to you with an eviction on your record even after you have paid the old landlord back.
In places like SF, it can be almost impossible to evict. Before COVID-19.
Good luck you’re removing someone in two months. It takes that long to get a first court date, and that’s after the tenant missing months of rent.
How are the chickens making it? It's either feed or rent.
Netflix did a documentary series, “The worst tenant in the world.” Talk about a nightmare.
Commercial high business rents have gone into the toilet. Covid lockdowns and Zoom taught us we don’t need to pay 120K a month for 30k sq. Feet of office space in the inner city. That’s over. Major urban rethinking coming.
This story has a lot of words but doesn’t have much more htan superficial information. Why is the market “tight? Because rents are “up” and inventory is at “historic lows.” Why? No explanation. Not one word about New York’s byzantine building and rent control laws. No explanation of why more building hasn’t started.
One of the advantages of owning apartments in NYC is that tenants can always cram more people into an apartment to spread out the cost. That's something that can't really be done in commercial space -- especially retail stores.
(Somebody had to post it.)
“I wouldn’t live there even if the rent was 28 beads”
Lol Very good.
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