Tenants Resist Rising Brooklyn Rents
Brooklyn rental prices rose and the number of new leases signed more than doubled in the past month, according to rental reports from MNS and Douglas Elliman. Jonathan Miller, founder of real estate analytics firm Miller Samuel, told The Real Deal that the increasing number of new leases showed that tenants were dissatisfied with rent hikes…
Brooklyn rental prices rose and the number of new leases signed more than doubled in the past month, according to rental reports from MNS and Douglas Elliman. Jonathan Miller, founder of real estate analytics firm Miller Samuel, told The Real Deal that the increasing number of new leases showed that tenants were dissatisfied with rent hikes from their existing landlords and looking elsewhere for their next apartment.
Not only were 442 new leases signed in January, a 111.5 percent increase from December, but that number represented a 33.5 percent jump from January of last year, according to Elliman. And more tenants negotiated discounts on their rents than last January, with the discount from the original list price rising from 5.9 percent to 6.5 percent. Overall, median Brooklyn rental prices jumped from $2,660 a month in December to $2,830 a month in January, a 6.4 percent increase.
Bushwick, Downtown Brooklyn and Fort Greene all saw marked rental price increases between December and January, MNS said. And two-bedroom apartment prices in Crown Heights rose 5.3 percent because of new developments on Bergen Street. Not surprisingly, Dumbo still holds the title for most expensive average rents in every type of unit. Meanwhile, Prospect Lefferts Gardens has the cheapest studios and one-bedrooms, and Bed Stuy has the cheapest average rents for two-bedrooms, MNS’ analysis shows.
Has your landlord raised your rent lately? Or if you’re a landlord, have you raised the rent?
I have lived in 2 bedroom apartment on Columbia Street in the Waterfront District for 10 years and my building was sold to a new landlord, they want to raise my rent 60% . They have not put a dime into the building and want us to pay $ 1,100 more or leave. We can not afford to move nor pay the massive increase in 30 days, I understand they want “Market Rate” , but we maintained the apartment for last 10 years with no upgrades, any advise?
Agree with DH about the unwritten rule, and very well said. Appalled by landlord who would raise rent $500 on a high maintenance tenant just because she’s a pain in the ass. I would sooner say, “please vacate by the end of your lease, your demands are unreasonable, goodbye” and get someone more easygoing. I should add that I am both a landlord and a tenant. As a landlord, common wisdom/industry standard/unwritten rule seems to be 5% a year increase. Fair to both parties. This past year my landlord asked for a 15% increase. I negotiated him down to 7 1/2% for a two-year lease. As a landlord, I am totally on top of maintenance issues. As a tenant, I try not to bug my landlord about stupid shit.
Dear landlord
Please heed these words that I speak
I know you’ve suffered much
But in this you are not so unique
All of us, at times, we might work too hard
To have it too fast and too much
And anyone can fill his life up
With things he can see but he just cannot touch
Landlord, just came back to this and saw your reply to mine. Yeah, I forgot you mentioned that you are under the yoke of rent stabilization and can’t just say “goodbye” to a bad tenant so easily. I have no experience with that (but still keep my 5 Brooklyn apartments somewhat under market rate, e.g. $2400 for a 2BR in Boerum Hill– I just can’t keep up with the soaring market and don’t think it’s fair to inflict those prices on good longtime tenants). Um, yes, thanks, I am interested in hearing more about your PS apartment coming available. Please contact me through my blog http://casacara.wordpress.com/about/
isn’t it sort of the unwritten rule that if your landlord is charging below market, don’t bug them about stupid shit? i’ve only called my landlord once – when my ceiling leaked.
Heather you clearly live in a dream world, bk72 said it best. People dont own buildings to subsidize rents for others and its a crime that the courts and system are set up the way they are in NYC given this is a free market/capitalistic society.
Its only a matter of time, live the dream as long as you can, but know it will eventually end.
this guy is on fire!
well played!