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Well at least market rate tenants are getting fed up with high rents for very little in return. So many are looking elsewhere according to this Bloomberg report. It does help that tons of new product has come online and there is more still in the wings. Manhattan Apartment Renters Push Back to Find Better Deals - Bloomberg
Personally have seen this as friends and others living on UES/Yorkville in bare bones or minimal amenity buildings are balking at paying >$2.5k or some such insane figure for a shoebox that is marketed as a one bedroom. For a little bit more you can get a one or even a two bedroom in new construction elsewhere (Bronx, Brooklyn, and Queens).
For a little bit more you can get a one or even a two bedroom in new construction elsewhere (Bronx, Brooklyn, and Queens).
That's the key right there, there's been a steady growth of acceptance of outerborough life by high end tenants and it's been really starting to accelerate. LIC is going to eat most of Manhattan's lunch for years to come with shiny new towers opening every month at a fraction of the rent and as close if not closer to prime Manhattan areas by subway
Yea. From the reports I have read, it looks like most of lower Manhattan has reached its rental price peak. I don't expect rent per sq foot in those areas to increase more than inflation over the coming years.
Yea. From the reports I have read, it looks like most of lower Manhattan has reached its rental price peak. I don't expect rent per sq foot in those areas to increase more than inflation over the coming years.
Among other reasons, there's a glut of "luxury" building development and new disclosure regulation for foreign buyers trying to launder ill gotten gains. Also the Euro and Pound have been crushed by Brexit
Yea. From the reports I have read, it looks like most of lower Manhattan has reached its rental price peak. I don't expect rent per sq foot in those areas to increase more than inflation over the coming years.
It just boggles my mind that a hundred years or so after the subways were built to get persons out of lower Manhattan, the City is again turning it into residential. The area just cannot support large numbers of residential housing, there aren't the services and or amenities (garbage, schools, supermarkets, etc...) and it may take years to sort that out.
Ok, you've got a big Whole Foods over by the Westside Highway, but that is a good walk from anyone living east of City Hall.
why wouldn't they just order their groceries online? those who don't are just taking cabs
Some people like to shop for their own groceries. Going by the lines at various Fairway, WF and Trader Joe's I'd say that number is not insignificant.
Besides if you only need a few things like milk, cereal, coffee, etc... ordering online is not going to work out well. If I need milk and coffee for tomorrow's breakfast Fresh Direct is of no use to me...
In the end, I think there's just too much demand for this to have a big effect. More people just keep coming in and supporting the rents. What this is doing is pushing up the rents in the surrounding areas.
In the end, I think there's just too much demand for this to have a big effect. More people just keep coming in and supporting the rents. What this is doing is pushing up the rents in the surrounding areas.
Maybe, maybe not.
Again there is lots of product coming on line for rental, most all of it aimed at market rate. Yes, you have 80/20 buildings but still make no mistake the majority of new rental housing is being built for those who can afford to pay without subsidies.
Have said it before all over Manhattan you see tenants moving out of market rate apartments left and right when rents and or other factors suit. My building in particular sees about 1/3 of market rent tenant turnover every one or two years as leases come up for renewal. People just are looking around and finding you can get more, much more for your money elsewhere.
Am sorry but a few free weights and a stationary bike in a converted former laundry room of a tenement basement does *NOT* a gym make nor justify paying (again) several thousand per month for a shoebox.
Will say it again, the only persons largely staying put are RS tenants. Those living in below market rent apartments have no incentive to move, and most couldn't afford any other place to go anyway.
Long story short no, it probably won't affect those having affordability issues, but for those who can pay and or negotiate for market rental housing, things likely will be different.
Are those apartments sitting empty? Are their rents coming down? Is your LL having to offer incentives to get them rented?
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My building in particular sees about 1/3 of market rent tenant turnover every one or two years as leases come up for renewal.
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