Brooklyn Rental Market More Stable Than Manhattan
Good news from the New York Observer about the Brooklyn residential rental market: Evidently the smaller properties and more diversified owner base is making for smoother sailing than in Manhattan where a few large companies are being forced to offer increasingly sweet incentives: For now, most of Brooklyn’s smaller landlords are living in a world…
Good news from the New York Observer about the Brooklyn residential rental market: Evidently the smaller properties and more diversified owner base is making for smoother sailing than in Manhattan where a few large companies are being forced to offer increasingly sweet incentives:
For now, most of Brooklyn’s smaller landlords are living in a world apart from the rough-and-tumble Manhattan market, where rents are already falling in several neighborhoods, and panicky property owners are slashing rents, sometimes by hundreds of dollars, and offering any incentive they can think of to help put tenants in their units. In Brooklyn: not so much.
Have any brownstone owners had to rent out their garden apartment recently? How did it go?
Brooklyn Rent Check [NY Observer]
“BHO, from what little I know of DIBS, I’m sure he was quite capable of buying whatever he wants, including a townhouse on the UES. He chose Bed Stuy.”
MM how do you know that??!!! Plus you mean to tell us that someone Chosen Bed Stuy over UES??????????!!!!!!!!! RRRRIIIIGGGHHHTTTTTTTTTTT!
Posers..
The What
Someday this war is gonna end..
BHO, from what little I know of DIBS, I’m sure he was quite capable of buying whatever he wants, including a townhouse on the UES. He chose Bed Stuy.
You seem to have trouble believing that anyone would choose Brooklyn over Manhattan. That’s really too bad for you. Most people I talk to, renters and homeowners alike, wouldn’t leave Brooklyn if Manhattan was having a cut rate sale. They love Brooklyn. Manhattan is many things, some great. But it is not the be all and end all of city living for all people.
“Yes it was. You didn’t pick a townhouse in Bed Stuy over one on the UES. You traded “up” from expensive condo to affordable brownstone. You were priced out (by a long shot) of the UES townhouse market.”
Awwwwwww Just sweet! BHO nice PWNING!!
The What
Someday this war is gonna end..
“BHO, that assumes a sizable amount of people are only here because they are priced out of primo Manhattan. That ain’t necessarily so. Rents and apartments in some parts of the UES have been available for some time, but people still came to Brooklyn.”
I’d say it’s a damn good assumption. As I said before in a similar thread months ago, Brooklyn is an extension of Manhattan, not the other way around.
“MM…I came from the UES. You’re right, it wasn’t about those things.”
Yes it was. You didn’t pick a townhouse in Bed Stuy over one on the UES. You traded “up” from expensive condo to affordable brownstone. You were priced out (by a long shot) of the UES townhouse market.
***Bid half off peak comps***
Bolder…as ridiculous as many people will think this sounds, we’ll have another Golden Age (Bubble) and it won’t take another 20 years!!!!!
Lower rents and lower home prices do have a silver lining for the city as a whole. They’ll go a long way to erasing the tourist/foreigner/i-banker money that’s dulled the city’s reputation as a place where the best and the brightest come to make their mark
I work for a large media company, with a good reputation, but our business as a whole doesn’t pay all that well. It’s been hard in the past 5 years to attract talented young people, who may want to live in the city or hip parts of brooklyn. Then they learn that they’ll have to pay upwards of 2k in manhattan and 1500 in brooklyn for a studio. In all but a half-dozen cities, you can rent a decent house or a swanky condo for that much.
If rents fall by 30-40 percent, then all of a sudden it becomes viable for a whole new set of talented people to live in NYC. we’ll hurt for a while, true, but 20 years down the road if those people stay here, we’ll have another Golden Age….
I know people w/stable jobs and incomes who are (still) being priced out of Park Slope. Things can’t be all that bad. Either that, or their landlords are in lala land and haven’t yet realized how much things have changed because they haven’t looked for a tenant in a few years.
“A word to the wise: Stay away from those other ladies: BRG, bxgrl, cobblehiller. They’ll just bring you down.”
Hey! I resemble that remark!
“What I can tell you is that as a renter I am willing to put up with a lot of “inconveniences” to live in a place with 2 fireplaces and huge bay windows with gobs of gorgeous sunlight, loads of wood detail and an original clawfoot tub.”
Watch that bxgrl, your LL is reading! She may raise your rent!
Yeah 11217, I’ve heard as high as 5-6k but I think that takes into account Domino, which I cannot see how the developer can justify building that in the current economic climate. I think 3-4k is more realistic. Either way, that a bunch!