‘Blogs’ in Press Archives

Landlords See Mixed Success With Rent Increases, Report Says

The last week of the month means, yup, another monthly Manhattan rental market report from the folks at The Real Estate Group New York. The last report contained the bombshell claim that landlords were pulling back on concessions and even testing rent increases. But this month’s analysis of how well those increases went is a little less daring. TREGNY reports: “Landlords were beginning to test the market by removing concessions and increasing rents, and it seems that at least some of these tests were successful. While some properties did return to their original offerings, there were equally as many that did not.” So that’s cleared right up! And what are the hard numbers on rent and vacancies?

Report Claims Manhattan Landlord Testing Rent Increases

Yes we’ve been blitzed by rental market reports lately, but the scary numbers for landlords at the end of ‘09 make the findings in The Real Estate Group New York’s January Manhattan rental report feel almost uplifting. Almost. Rents have stayed relatively flat month-to-month, though they have fallen 6.5 percent in non-doorman buildings and 10.5 percent in doorman buildings since last year. This month the brokerage reports that inventory is down 17.66 percent, and—here’s the interesting bit—landlords are confident enough that the world isn’t ending that they’ve started creeping out of their fallout shelters to strip the concessions out of their listings and start increasing rents by $100 or $200 per unit over previous months. TREGNY circumspectly comments that “whether or not Manhattan’s rental market can handle these increases is still yet to be seen.” Indeed.

Manhattan’s Apartment Market Stabilizes

NEW YORK CITY-As a gauge of the multifamily sector’s health, a trio of new reports on Manhattan apartment-unit sales offer some encouraging indicators and dovetail with a recent report on the island’s rental market and Real Capital Analytics data on apartment property transactions nationwide. The fourth-quarter 2009 Prudential Douglas Elliman Manhattan Market Overview shows volume up 10.9% over the prior quarter, while both Brown Harris Stevens Residential Sales and the Corcoran Group say Q4 closings showed a year-over-year gain. Inventory levels have also dropped, says the Douglas Elliman report, which is prepared by Miller Samuel.

Rent Too High? 09 Manhattan Rental Report Has the Answer!

Think the dropping of a big fancy ball means the real estate industry can forget about a horrific 2009? Not so fast! Tomorrow the brokerages will release their quarterly sales reports for the Manhattan market, but before that, The Real Estate Group New York is tying a bow on the bag of flaming dog poo that was the Manhattan rental market. The brokerage’s year-end rental report is out, and it plays like a greatest hits collection of landlord miseries. Rents? Down. Concessions and incentives? Up. The traditional summer surge? Largely nonexistent. The downward spiral of prices is cushioned by the report’s failure to account for freebies offered to renters, but we doubt there’s much room for positive spin for building owners. As for 2010 predictions, TREGNY expects a “slow start,” but sees potential. Or maybe they’re just banking on the power of positive thinking?

Report: Small Apartments on UWS Keep Getting Cheaper

Average rents for small apartments on the Upper West Side dropped considerably again this month, with studios in apartment buildings without doormen falling more than 5% month-to-month. Larger apartments, however, actually got more expensive, according to the The Real Estate Group of New York (TREGNY), which put out a report on Monday about December rents. Two-bedrooms in non-doorman buildings were actually renting for about 6% more in December than they were in November. (One notable exception for small apartments: one-bedrooms with doormen increased in price by nearly 2% in December). The numbers jump around quite a bit from month to month, however, so it’s difficult to determine whether these trends will last. The report is based on thousands of listings for rentals in Manhattan and omits ultra-luxury apartments.

Demand Relatively Stable for Manhattan Two-Bedrooms

Manhattan’s two-bedrooms have long been popular for young professionals and couples with a young child. But the market appears to benefiting as renters double up to shave costs.

In such addresses lacking a doorman, December’s rents dipped 1% from a year earlier to $3,672, better than a 3.8% drop for studios. For two-bedrooms boasting a doorman, asking rents declined 4.81% to $5,086, outperforming a near 7% drop for studios, according to the Real Estate Group NY’s December Manhattan Rental Market Report.

Rental Market is Stable Enough for Christmas to Proceed

Before we close the book on 2009, brokerages everywhere want to leave you with some December market stats to take into the new year. Consider it their coal in your stocking! The good folks at The Real Estate Group New York have released their latest rental report, which, actually, attempts to be as cheery as possible. Rents mostly stayed flat month-to-month. Compared to last December, doorman unit rents have fallen 5.79 percent, but non-doorman units are down only 1.74 percent. Renters have responded by going for the doorman units, pushing the non-doorman vacancy rate up by more than 6 percent this month. As usual, none of these figures factor in incentives, but according to TREGNY, the more aggressive incentives of early ‘09 are no more anyway, and landlords are settling in to this bumpy ride with less hitting of the big red panic button that dispenses free rent.

Manhattan Apartment Rents Fell 7% on Unemployment

Manhattan rents fell as much as 7 percent in the year ended Dec. 15 as the recession helped some tenants move up to larger apartments for less.

Rents for studio apartments dropped 7 percent to an average of $2,247 a month in the period, the Real Estate Group of New York said today in a report. One-bedroom apartments fell 5.6 percent to $3,262. Both figures are for buildings with doormen.

Finding the Right Spot

When you’re searching for the ideal condo or townhome, the tried-and-true “location, location, location” rule of real estate is more important than ever. Only this rule encompasses more than the neighborhood and development or building you select – it applies to the actual position of your chosen unit within the building itself.

Half-Dozen Leftovers at Burg’s NV, Schumer Hipsters It Up

WILLIAMSBURG—NV, the funky pile of green glass that sprung from the mind of architect Karl Fischer and landed at 101 North 5th Street, once boasted of strong sales in the face of total Williamsburg annihilation. Apparently the hot streak continued, because a press release from post-merger building brokers The Developers Group/The Real Estate Group of NY says the 40-unit building is now 85% sold. Details: “All of the remaining two-bedroom residences include private balconies or terraces. Each home features 11-foot-high ceilings with nine foot windows, and elegant kitchens and baths. Aggressively priced for today’s market, the remaining two bedrooms start at $659,000.” [CurbedWire Inbox]