To all those renting in Manhattan...

what are your takes on future rent rates? Will we be in a position to negotiate a lower rate with prop management?

I am sick of paying for an overpriced place, and hope that I could benefit from declining NY real estate. With 1 brdms avg at $3000 a mo. you start to question whether or not the demand for these prices will be continually met by Europeans or those that need temporary living...this has been the typical trend, however, as other markets struggle, the increase of international residents makes me wonder if i could renogiate monthly payments...

Thoughts? The reason i ask is bc NYC unemployment rates are controlling these rates...half of the ppl i know in the city no longer have jobs! yikes.

 

sorry, bit drunk when i posted this. and it doesnt make too much sense.

cliffs: high end rent in NYC is usually met by those not wanting to buy. the high rent is a reflection of those that need temporary living. many of these renters are europeans that are only in this country for a short amount of time and are willing to pay high rent. as the european economy is hurting too, there will be less of demand for high rent apts. the prices will eventually deflate. rising unemployment rates in NYC will also give reason for lowered rent prices.

 

the unemployment rates are rising quickly for those younger ppl who work in the financial sector, esp. wall street. these ppl accomodate higher rent rates. as they are too young to buy, but made enough money to afford, say a $3000 1 bdrm. the demographic of younger ppl in finance is quickly being wiped out in NYC. high rent rates may come down.

 

You don't like the rent rates, then move. I had a ton of friends that lived in NYC. They did it for a couple years, and most of them either moved to Brooklyn, Queens or Jersey. Or they got room mates.

IMO, people will pay the rent. If you cannot afford it, someone else will.

 

See if youre in a position to negotiate. If you know they have a hard time filling the rentals, they may welcome a break just to keep your unit occupied. If they have a steady occupancy rate and demand, then you will probably not have any luck.

 

I don't think there will ever be a problem with people being unable to pay high rent in NYC. People are already crazy enough to pay $3,000 a month for a one bedroom apartment with no yard of their own, property ownership, etc...If they're crazy enough now, they'll be crazy enough then. Unless the city's entire renters population goes on strike and no one (in the hundreds of thousands) pays rent in protest, I don't see any change in the way NYC operates, ever.

But for what it's worth, I don't see any harm in trying to negotiate any time, unless it's an apartment you really want and know other people are really interested in as well.

Oh, and I'm not from New York.

 

NYC rent is through the roof. It is still lingering, unlike the housing market. Hell, rent it still so high, that many people are scratching their heads at 4,000+ 1 bdrms. It is becoming much harder as of lately for New Yorkers to be expected to pay these rates. the idea that "new york will never change" is a close-minded view. during 2004-recently, many prop management were raising rent by 10% every single year. literally. now that the market is on the downswing, its only natural that the prices will come down.

sure there will always be people "crazy enough" to meet inflated prices. but those people are becoming scarce these days. units will be filled, but not as many, and not as frequently.

the rent rates are based on occupancy, and turnover. if units are sitting in the bldg, prop mgmt will eventually bring the rates down. the rents are high. every month 1 unit sits, the management loses thousands of dollars. if this continues to happen, you dont think they would be willing to negotiate??

im not whinning about my own personal situation, just giving thought to the hope of lowered rent.

 

Nope, who wants to get stuck with a "losing" rental agreement?

 

I'm confused? I dont know anyone with a 1bedroom for $4k in New York. My two cousins live there, both pay about $1800 for a 1 bedroom in a decent part of manhattan.

 

See above.

 

hmmm. sure its Manhattan and not another borough?

most ppl i know in manhattan would be more than happy to find a $3000 1 bdrm large enough to partition into a two person share. and decent studios start at 2k.

 

This thread scares me... I'm going to be down there in June looking for a place to move into in July...

 

Hope you got a 6 figure job lined up.

 

Yes sir. It's like a studio except it is an actual small bedroom. She pays I believe like $1600. Lives on 1st avenue i think.

 

not having car payments, insurance, and NYC parking (couple hundred a mo.) saves you close to a grand off the bat --> put it towards rent.

the local residents you see with cars and private parking are most likely millionaires. price of living is scary.