rental market: First Signs of Rent Frenzy Ending
- 06/30/22 05:36 AM
Prices still rising, but less than before After months of soaring rents, firms tracking national apartment prices say national rent growth has slowed, an early sign of a cooling market. A recent report by rental platform Apartment List showed that in June, monthly rent growth for a median apartment — 1.3 percent — was the same as in May, marking the first time this year that it did not increase from one month to the next. Data from Zumper, another rental platform, supported those findings. A Wednesday report found median rent for a one-bedroom in June had risen just 0.5 percent over last month, “a much more reasonable growth rate … (1 comments)
Landlords are scrubbing down their apartment buildings, but no amount of Clorox is going to help when the rent checks stop.
In a series of interviews, owners of multifamily portfolios said they have responded to the coronavirus outbreak by stepping up cleaning in their properties, staggering their employees’ shifts and having them work remotely. What they cannot control, though, is the loss of income their tenants are suffering as the coronavirus pandemic wreaks havoc with the regional economy.
While most have not yet seen a drop-off in rents, many expect … (1 comments)
rental market: NYC doormen, building service people don’t expect big holiday tips or get them either
- 12/16/10 02:42 AM
More than half of city apartment dwellers plan to dish out $500 or less in holiday tips in their buildings, according to an online survey. That may sound like plenty of cheer, but fully staffed properties have 20 to 30 workers, all of whom count on the extra cash to brighten their holiday seasons. "People tip the staff they see," said Teri Rogers, of BrickUnderground.com, which did the unscientific poll. "The people who mostly get burned are porters and handymen. They're not as visible to residents, but they do the hardest work." Doormen on late-night shifts will likely wind up … (0 comments)
The Manhattan office market overall and most submarkets continued to decline in February, but the pace of decline was slower than in January of this year, according to a February office market report released today by Newmark Knight Frank. The availability rate in February rose slightly to 12.4 percent from January's 12 percent in Manhattan. Year-over-year, the availability rate rose a sizable 4 percent from February 2008. The average asking rent dropped 1.5 percent, to $51.27 per square foot last month from $52.08 per square foot in January. Year-over-year in February, the average asking rent dropped 22 percent from … (0 comments)
rental market: Barbara Corcoran insists now is time to buy
- 11/21/08 04:22 AM
Barbara Corcoran, founder of the Corcoran Group, said in 2010, when the real estate market bounces back, "everyone will look back and say, 'Why didn't I buy then?'" Corcoran, founder of the Corcoran Group, said softening housing prices are scaring away buyers who are waiting for prices to fall even more, when they could be finding a good deal right now. … (0 comments)
rental market: Vacancy rates creep up in Manhattan
- 10/16/08 02:10 AM
Vacancy rates rose across Manhattan's three main business districts in September, when Wall Street was battered by a credit crunch that nearly brought commercial lending to a standstill.At the same time, average asking rents fell in two of them, according to a report from CB Richard Ellis covering September data, released today.Leasing activity rose or remained flat in the districts, with the largest lease renewal to Macquarie Equities USA for 258,335 square feet at 125 West 55th Street. There was no other lease written greater than 50,000 square feet in any of the three districts -- Midtown, Midtown South and Downtown.The … (0 comments)
Prices still rising, but less than before
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