Posts Tagged ‘rents’
Brooklyn’s Allure: The Possibility Of $625 Rent In NYC
NYC Apartment Agent – A View of Manhattan From Brooklyn (Photo by Bruno J. Navarro)
NEW YORK — As rents climb in Manhattan to all-time highs and the costs of Brooklyn apartments are also on the rise, one woman manages to keep her payment around $600 per month.
Sophia Cosmadopoulos, an art therapist, was featured in The New York Times for her ability to keep her rent affordable, embarking on an ever-elusive quest throughout the great New York City county of Kings, better known to the world as Brooklyn.
“They’re not glossy, and they’re kind of falling apart,” she told the Times. “But I’ve always valued what I could get out of New York, more than where I lived.”
After recounting a surprise that followed the partial collapse of the bathroom ceiling in her current apartment, Cosmadopoulos took a positive spin on her situation.
“It’s nice to live in an apartment where you have stories,” she said.
A little optimism is a great thing, maybe more so if you’re a New Yorker.
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NYC Rent Hits An All-Time High
Downtown Manhattan. (Photo by Bruno J. Navarro)
NEW YORK — It finally happened.
After a recent upward trend over the past several months, the average rent in Manhattan hit a record $3,418 — surpassing the previous high, set in 2007.
Writes The New York Times:
“The last time rents shot up in a similar fashion, they were tied to a strong economy, low unemployment and booming business on Wall Street.
“But this spring, Manhattan rental prices seem to be divorced from the larger economic picture. While the city has added jobs in recent months and growth in businesses like technology has helped make up for losses in the financial sector, much of country is still struggling.”
Brooklyn rents are a similar state, too.
In case you were wondering, that’s about six shares of Apple stock.
It’s no wonder more people who are able to do so are looking to buy.
If you decide to look for a new place to live, take a moment to look over tips for avoiding Craigslist apartment rental scams.
Or use a reputable broker.
Please feel free to share your feedback on how you’re coping with the rental rates in the comments below.
Should I Buy Or Should I Rent?
Should I Buy Or Should I Rent? (Photo by Bruno J. Navarro)
NEW YORK — The question almost sounds like the title of a Clash song: Should I buy or should I rent?
The results of a new study make it clear. Buying is the better option.
A confluence of factors are the cause, from low mortgage rates to rising rents.
CNN Money writes: “In 98 of the top 100 housing markets, buying a home is more affordable than renting, according to the online real estate company Trulia. Only Honolulu and San Francisco buck the trend.”
Of course, such rankings do little to paint a complete picture.
The article also adds, ”Housing markets, even within a single metro area, typically have local submarkets. Take New York City, for example. Renting in Manhattan is more affordable than buying. But in suburban Westchester County just miles to the north, buying is the more affordable option.”
If you decide to rent, there are a few steps you can take to avoid Craigslist apartment scams. Feel free to share any other helpful tips in the comments, too.
As always, if you know someone looking to buy, rent or sell a home in New York, please let me know.
Related
CNN Money: “Home buying much cheaper than renting“
How to Avoid Craigslist Apartment Rental Scams
There are a few steps to avoid apartment rental scams. (Photo by Bruno J. Navarro)
NEW YORK — In the eternal quest to find the best apartment deal in New York, some would-be renters are falling for brazen scams.
Never mind the unscrupulous licensed types who might attempt bait-and-switch tactics to make a quick buck. One increasingly common flim-flam involves con artists posting Craigslist ads for vacant apartments they neither own, nor have the authority to rent.
Real estate professionals “across the region say they’re seeing more people fall for it, partly because the scammers are no longer just luring victims from afar; they’re now setting up appointments with unsuspecting renters and showing them the homes before disappearing with their money,” according to a LoHud.com story.
In a New York Daily News article, one criminal in Queens swindled “a dozen would-be renters by placing a phony ad on Craigslist for an apartment in Sunnyside that didn’t belong to him.”
While I’ve previously shared a few tips on how to spot and avoid apartment scams, which are worth a look, here are a couple more that helpful readers have passed along:
- Ask for a business card. Any reputable real estate agent will have a real business card. If you have time, check out the website and see if the agent is listed on it, or call the main number. Of course, sometimes it’s possible that we’re out of cards. If that’s the case, you can ask for the next item.
- Ask to see the agent’s pocket card. By law, every agent in New York is supposed to carry a state-issued ID card while working. It looks much like a driver’s license, and it lists the agent’s name and company. Many doorman buildings require both a business card and a pocket card before an agent is allowed to show an apartment. Not having a card could be a tip-off that something is askew.
- Meet the agent at his or her office. At least the first time, it might be a good idea to see where an agent works. This works not only to avoid rip-off artists but also to get a sense of the company’s professionalism (and whether you can file a formal complaint if something does go terribly awry).
- Don’t deal in cash. Without a record of payment or a way to track your hard-earned money once it leaves your hands, it might be difficult to track down a swindler after the fact. Insist on using a credit card or cashier’s check for the deposit and application fee. If the person trying to rent you an apartment balks, take a walk.
- Use common sense. If an apartment sounds too good to be true, it probably is. Truth is, there are very few four-bedroom apartments under $400 or even 90-square-foot studios for $700 around.
If you have any questions about whether something seems fishy, please ask me or someone knowledgeable. I’m always happy to help. And if you have any suggestions of your own or experiences to share, please feel free to share in the comments below.
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Brooklyn Rents Follow Manhattan’s Upward Trend
Brooklyn rents on the rise.
NEW YORK — Mirroring the trend of rising rents in Manhattan, Brooklyn apartments have also been getting more expensive.
There are two areas in which rents have actually declined, on average: Studio apartments and flats in Cobble Hill.
The Real Deal writes: “The average rent for a Brooklyn studio was $1,686 last month, one-bedrooms’ monthly cost averaged $2,294 and two-bedroom prices settled at $2,950, according to the report. Dumbo remained the priciest neighborhood for all unit sizes, charging price premiums of nearly $1,000 for studios and more than $2,000 above the borough’s average for two-bedrooms. The least expensive neighborhood was Bay Ridge.”
(via Brooklyn Rents | February 2012 | Studio Prices Decline.)
Does Report On Rentals & Sales Suggest a Bubble?
A view of the Manhattan skyline.
NEW YORK — A unique trend is emerging in housing prices and rentals, according to a report from Zillow that has not yet been released.
“While it seems that rents are rising at the expense of home values, the opposite is true. A thriving rental market will stimulate home sales, as investors snap up low-priced inventory to convert to rentals. That, in turn, will lower the number of homes on the market, which will eventually help put a floor under the value of all homes,” says Zillow chief economist Stan Humphries.
Is This the Best NYC Apartment Deal?
Once a low-cost neighborhood, the East Village now commands high rents. (Photo by Bruno J. Navarro)
With 11-foot ceilings, exposed brick walls, piles of hardcover books and views of chimneys and water towers, Arnold Warwick’s apartment is a 1,200-square-foot monument to the Greenwich Village of our fantasies. — “A Piece of the Manhattan Dream, Only $331.76 a Month,” The New York Times, January 23, 2012.
NEW YORK — Like finding a needle in a haystack, a cheap apartment in Manhattan is a rarity most people marvel over the way they would a winning lottery jackpot. But there are a few of ways to find one.
If you’re willing to live in a 90-square-foot apartment, New York living can be yours relatively on the cheap. It comes with some trade-offs, though, like not having a kitchen and sleeping in a lofted bed.
The other way is to have lucked into a rent-controlled apartment, as did the subject of a New York Times article.
A confluence of factors, not the least of which were a charitable landlord and good timing, means that at least one apartment in a hot neighborhood cost its tenant just $331.76 per month for a 4-bedroom apartment.
Having approached a record high in January, Manhattan rents continued their upward trend in February, making the average price of an apartment $3,376, or just 1 percent off its historic peak.
The bright side? It would be more expensive to live in Hong Kong, Tokyo or Moscow.
Everyone wants a great apartment deal, but it is getting increasingly difficult to find without an experienced real estate agent.
Related Links
- The New York Times: ”A Piece of the Manhattan Dream, Only $331.76 a Month“
- NYC Apartment Agent: Life In a 90-Square-Foot Apartment
- The Economist: “Expatriate Rents“
Long Island City Apartments Luring Families
A Manhattan View From Long Island City
NEW YORK — Long Island City, a Queens neighborhood just one subway stop from Manhattan, has been seeing something of a housing boom lately.
As families abandon the suburbs in favor of city living and larger apartments over single-family homes, Long Island City has benefitted from its proximity to Midtown via the Queensborough Bridge, the Queens-Midtown Tunnel and the E, F, M and 7 subway lines.
Another reason to look on the other side of the East River is more bang for your buck. Two- and three-bedroom apartments, as I’ve noted before, are increasingly in demand, and the area has a growing supply. (An open house I attended recently boasted stunning views of the city skyline from one of the new condo towers.)
The New York Times writes: “Among the new buildings, the 122-unit L Haus, at 11-02 49th Avenue, offers three-bedroom condos as big as 1,800 square feet, along with a 10,000-square-foot yard; it is over 60 percent sold. A 157-unit rental complex at 17-19 27th Street, scheduled to open later this year, will have a playroom.”
Long Island City today is a far cry from the neighborhood that received its first residential condo tower in 1997 with the completion of the Citylights building.
If you know someone thinking about buying, selling or renting property anywhere in New York, please let me know.
Related Links
- New York Times: Families Stake a Claim to Long Island City
An Affordable Apartment In SoHo?
An Affordable Apartment In SoHo?
NEW YORK — If you’ve ever thought about living in SoHo on the cheap, now might be the time.
It’s not that prices have suddenly plummeted.
Quite the opposite, in fact, if you’re looking at rentals. The average rent in Manhattan climbed to a near-record high of $3,309 at the end of 2011, while vacancy rates in the neighborhood dropped to well below 1 percent.
No, the affordable aspect of the real estate market in one of New York’s most popular areas was due to the historically low average rate on a 30-year mortgage — a mere 3.88 percent.
It’s that factor that makes a charming studio at 150 Sullivan Street, with maintenance of $645, just a little more than $1,700 per month to own. The description is as follows:
Divine studio in A-plus location. Nestled in the heart of Soho, this top floor walk-up features high ceilings, an abundance of natural light and an updated kitchen with room for a dishwasher. Features include exposed brick and recently re-stained dark walnut floors. A thoughtfully laid out floor plan makes great use of this residence. Liberal board allows pieds-a-terre, guarantors, parents buying for children and subletting. Investors welcome.
Sounds good, doesn’t it?
As always, if you know of anyone looking to buy, sell or rent a home in New York, please let me know.
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Manhattan Rents Soar to Within $1 of Record Levels
A Manhattan View: Getting More Expensive
NEW YORK — As the economy improved and companies started to hire again, Manhattan rents soared 8.6 percent last year to bring them within $1 of record levels.
The average price for an apartment is now $3,309, representing a $263 increase from the previous year.
That figure was within striking distance of the record high of $3,310, set before the economy tanked in 2007.
Even at these prices, good luck even finding a place.
Vacancies are at 0.96 percent, down from 1.16 percent in 2010, according to the New York Post.
More desirable neighborhoods command an even greater premium. The Post writes:
It doesn’t matter which neighborhood you want to live in: Studio rents rose an average of $199 a month in Chelsea … to $2,332; they jumped $237 in Midtown East … to $2,014; and went up $144 on the Upper West Side … to $1,908, for example.
The latest figures continue a trend of rising rents and falling vacancy rates.
Even when looking at sales, New York has bucked the trend of declining home prices.
It’s a helluva town.
