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mark1447

Manhattan Rents Hit All-Time High, But Vacancy Is Rising!

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Sure, there are anecdotes of apartment renters priced out of Brooklyn moving back into Manhattan but the reality is that Manhattan is still a very, very expensive place to live. And according to a new report from Citi Habitats that is still the case: Rents in New York County hit an all-time high in August—despite vacancy rates hitting a three-year high at the same time.

 

Time for some numbers! In August vacancy in Manhattan went up one percent from the year before to a still impressively low 1.19 percent (the rate was .88 in August 2010 and 1.62 in 2009). Meanwhile, though while apartment and home sales have been pretty stagnant the average rent in Manhattan went up to $3,461 a month—the highest since Citi Habitats began tracking the data in 2002.

 

More specifically? The rent for a studio apartment was up one percent from July to an average of $2,092 per month, one-bedrooms were down one percent to an average $2,785 per month, two-bedrooms were up one percent to $4,032 per month and three-bedrooms stayed pretty flat at an average of $5,320 per month.

 

So where, you might wonder, is there any place left to live? Well, the borough's former crown jewel, the Upper East Side, currently has the highest vacancy rate (1.6 percent) followed by that other old stalwart, the Upper West Side (1.38 percent). As for the lowest vacancy rate? That'd be the Gramercy area with .76 percent.

 

Meanwhile, according to Citi Habitats President Gary Malin those vacancies could actually be good for renters looking this Fall. "We are currently experiencing the best conditions for apartment seekers that we have seen for several months," he says. "Rents may decrease and incentives will likely creep back." Still probably cheaper to live in an outer borough!

 

http://gothamist.com/2012/09/13/manhattan_rents_hit_all-time_high_b.php

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Oh no it's the hipster effect!!!

 

 

Use to live in Manhattan, and don't want to touch it (Living wise).... Some day it'll become the next Co-op City. Bigger then that! But more of a Hipster Island......

Edited by mark1447

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Use to live in Manhattan, and don't want to touch it.... Some day it'll become the next Co-op City. Bigger then that! But more of a Hipster Island......

 

 

Yup, they already invading upper Manhattan, Eastern Queens, and Brookyln. It's only a matter of time before these overly self-interested docuchebags invade all of the under-developed parts of NYC, and raise the rent to boot.

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Yup, they already invading upper Manhattan, Eastern Queens, and Brookyln. It's only a matter of time before these overly self-interested docuchebags invade all of the under-developed parts of NYC, and raise the rent to boot.

 

 

Upper Manhattan is already being cooked up. It ain't the same anymore with its unique historical looks. Harlem has been looking fancier since 2002. This is why a lot of people are fleeing to the Bronx, or even leaving this city completely. Heard rents are much cheaper in a Elizabeth, NJ. Can't confirm properly. I guess someday we would be force to leave the city, unless we got the green to keep up with all this.

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The rents will go down as supply increases and demand drops. 2 grand for a studio is insanely high

 

 

You would think so but that's not the case... Rent on 5th Avenue is at all time high despite many businesses moving to find cheaper rents. My office is relocating soon too because of the high prices, so it's on the residential and business side.

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The rents will go down as supply increases and demand drops. 2 grand for a studio is insanely high

 

 

That's what they want you to believe...

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That's what they want you to believe...

 

 

What good is a building with $3000 a month rents if its mostly vacant, and they cant find tenants

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What good is a building with $3000 a month rents if its mostly vacant, and they cant find tenants

 

 

We let them learn the hard way that jacking up prices like that is a very bad move. Just because they're rich doesn't mean they wanna spend all that money...

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The rents will go down as supply increases and demand drops. 2 grand for a studio is insanely high
What good is a building with $3000 a month rents if its mostly vacant, and they cant find tenants

 

You're looking at it from an ideological perspective.....

 

 

That's what they want you to believe...
You would think so but that's not the case... Rent on 5th Avenue is at all time high despite many businesses moving to find cheaper rents.

Real world says, this.

 

....and via brings up a good point which few ppl. tend to factor in - You have commercial tenants as well as residential tenants.... The (increases in) avg. monthly rents in a given area (for example, E. Midtown) for businesses do affect the avg. monthly rents residents in E. Midtown gotta shell out.... I forget who said it, but "businesses drive, residents reside"..... You can't have it as to where an area is "prime real estate" so to speak for business owners, and anything less than as such for residents in that area.... What I'm getting at is, there's a directly proportional relationship present - rents go up accordingly for businesses in an area as well as w/e residents that live in that area.....

 

In urbanized areas, you aint goin ever see a bunch of top notch businesses in an area where a bunch of low class people reside (or vice versa).... Pookie & Ray ray's asses aint fin to live comfortably on park av, and nor should they......

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....and via brings up a good point which few ppl. tend to factor in - You have commercial tenants as well as residential tenants.... The (increases in) avg. monthly rents in a given area (for example, E. Midtown) for businesses do affect the avg. monthly rents residents in E. Midtown gotta shell out.... I forget who said it, but "businesses drive, residents reside"..... You can't have it as to where an area is "prime real estate" so to speak for business owners, and anything less than as such for residents in that area.... What I'm getting at is, there's a directly proportional relationship present - rents go up accordingly for businesses in an area as well as w/e residents that live in that area.....

 

In urbanized areas, you aint goin ever see a bunch of top notch businesses in an area where a bunch of low class people reside (or vice versa).... Pookie & Ray ray's asses aint fin to live comfortably on park av, and nor should they......

 

 

Very true... There are some neighborhoods that are expensive but because of a lack of shopping, perceived transportation problems or isolation if you will, their value can dip. Yorkville comes into mind... It isn't as expensive as the Upper East Side because it is considered far from the subway. Other areas may lack shopping...

 

The one way to know if an area is really affluent or up and coming is to see if there are lots of banks around. If there are then that means that the banks see their presence in the community as being profitable and they're willing to "invest" if you will in the area, supplying loans to build new businesses and such in the area.

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The only reason I can afford to live in this city is that I've been here since my area was dirt cheap. The current real estate prices are literally disgusting. The number of my friends I've watched have their rents raised and moved from Harlem to the South Bronx, Washington Heights to Queens, sometimes even to other states. Soon enough, it's gonna be a borough of snobby old folks and Wall Street bankers, not to mention there won't be a black or brown person below 145th... You just can't afford to live in most of Manhattan anymore and it's a sad fact.

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The only reason I can afford to live in this city is that I've been here since my area was dirt cheap. The current real estate prices are literally disgusting. The number of my friends I've watched have their rents raised and moved from Harlem to the South Bronx, Washington Heights to Queens, sometimes even to other states. Soon enough, it's gonna be a borough of snobby old folks and Wall Street bankers, not to mention there won't be a black or brown person below 145th... You just can't afford to live in most of Manhattan anymore and it's a sad fact.

 

 

So true, Not to be racist but finding a White person waking or living in the South Bronx is like finding a needle in a haystack,so rare here, if they find out about the cheap rents here in the South Bronx it will be like how Harlem is now. all hipsters, I wouldn't be surprised if is happens 10 or 20 years from now.

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So true, Not to be racist but finding a White person waking or living in the South Bronx is like finding a needle in a haystack,so rare here, if they find out about the cheap rents here in the South Bronx it will be like how Harlem is now. all hipsters, I wouldn't be surprised if is happens 10 or 20 years from now.

 

 

There are quite a few by 138th they rent the converted lofts by the Willis and Third Avenue bridges....slowly making their way uptown lol

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There are quite a few by 138th they rent the converted lofts by the Willis and Third Avenue bridges....slowly making their way uptown lol

 

 

And some at Grand concourse, few blocks from Yankee stadium.

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All I know is this, why would anyone want a three bedroom apartment for 5 grand a month when they can buy a house in the suburbs with the same amount of bedrooms, and a backyard. They probably can easily get a mortgage for less than that a month. I don't know whats so great about Manhattan that people would do that to themselves. Manhattan is the last place I would ever consider living in America.

 

Then again I much prefer suburban living, I'm sure theres plenty of guys on here that are probably like "how can you stand living out in the surburbs and having to drive everywhere and theres nothing around"

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All I know is this, why would anyone want a three bedroom apartment for 5 grand a month when they can buy a house in the suburbs with the same amount of bedrooms, and a backyard. They probably can easily get a mortgage for less than that a month. I don't know whats so great about Manhattan that people would do that to themselves. Manhattan is the last place I would ever consider living in America.

 

Then again I much prefer suburban living, I'm sure theres plenty of guys on here that are probably like "how can you stand living out in the surburbs and having to drive everywhere and theres nothing around"

 

 

Spending a week in Fayetteville, NC last month really had me thinking. Without a car, you're basically screwed. If your car were to break down in the middle of a road where the speed limits are usually between 45-55 on local streets, you're screwed. Holy crap.

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All I know is this, why would anyone want a three bedroom apartment for 5 grand a month when they can buy a house in the suburbs with the same amount of bedrooms, and a backyard. They probably can easily get a mortgage for less than that a month. I don't know whats so great about Manhattan that people would do that to themselves. Manhattan is the last place I would ever consider living in America.

 

Then again I much prefer suburban living, I'm sure theres plenty of guys on here that are probably like "how can you stand living out in the surburbs and having to drive everywhere and theres nothing around"

 

Living in Manhattan (or many areas of the outer boroughs) grants many more options than the suburbs. There's no flexibility in the suburbs with regards to getting places and getting things done.

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All I know is this, why would anyone want a three bedroom apartment for 5 grand a month when they can buy a house in the suburbs with the same amount of bedrooms, and a backyard. They probably can easily get a mortgage for less than that a month. I don't know whats so great about Manhattan that people would do that to themselves. Manhattan is the last place I would ever consider living in America.

 

Then again I much prefer suburban living, I'm sure theres plenty of guys on here that are probably like "how can you stand living out in the surburbs and having to drive everywhere and theres nothing around"

 

 

Yeah, same here. A co-worker of mine lives in Yorkville and went to see some things in Riverdale over the weekend.... Loved the houses and natural beauty, but hated that it was so suburban and not near a subway. Me on the other hand I love suburban living with good transportation and where there are no subways, but rather MetroNorth or perhaps even LIRR instead. My co-worker hates the idea of being "tied down" to a schedule even though there would be express bus service as often as every 15 minutes and access to MetroNorth. Right now they're in a position to walk to the office when they want to which is what they do sometimes. I could never live in the city, especially not now. The tourists are just EVERYWHERE and most of the city is filthy and I need a place to escape to get away from them where there is more green, the streets are clean and there's a bit of civilization.

Edited by Via Garibaldi 8

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Living in Manhattan (or many areas of the outer boroughs) grants many more options than the suburbs. There's no flexibility in the suburbs with regards to getting places and getting things done.

 

 

It depends on where you work and where you want to go. Theres commuter rail to get to the city and back, plenty of companies are headquartered out here in the suburbs. Im not sure what you mean by flexibility.

 

 

Yeah, same here. A co-worker of mine lives in Yorkville and went to see some things in Riverdale over the weekend.... Loved the houses and natural beauty, but hated that it was so suburban and not near a subway. Me on the other hand I love suburban living with good transportation and where there are no subways. My co-worker hates the idea of being "tied down" to a schedule even though there would be express bus service as often as every 15 minutes and access to MetroNorth. Right now they're in a position to walk to the office when they want to which is what they do sometimes. I could never live in the city, especially not now. The tourists are just EVERYWHERE and most of the city is filthy and I need a place to escape to get away from them where there is more green, the streets are clean and there's a bit of civilization.

 

 

I know exactly what you mean, Manhattan in genral is filthy, theres garbage everywhere, parts look grimy, theres wierd smells eminating from the manhole covers, and theres too many people. I prefer to have some peace and quiet. As far as commuter rails go, Metro-North is top notch, probably the best run division of the MTA.

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I know exactly what you mean, Manhattan in genral is filthy, theres garbage everywhere, parts look grimy, theres wierd smells eminating from the manhole covers, and theres too many people. I prefer to have some peace and quiet. As far as commuter rails go, Metro-North is top notch, probably the best run division of the MTA.

 

 

Yeah my boss lives on the Upper East Side and while I like the Upper East Side and all I just couldn't live there. It isn't private enough for me and I prefer being in a more isolated area where it is mainly just folks from the neighborhood walking around. Don't get me wrong, I LOVE Manhattan for the great restaurants, watching games at MSG, MoMA, SAKS and Bloomingdales, but there is nothing like relaxing in my neighborhood to the quietness of woodpeckers and such outside of my balcony. Some folks can't live without being in Manhattan and others want nothing but to live outside of Manhattan. :lol:

 

Speaking of filth, NYC is now considered to be the filthiest city in the US... :lol:

 

http://gothamist.com/2012/09/18/new_york_city_is_filthy_says_magazi.php

Edited by Via Garibaldi 8

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