Rental prices flat in Manhattan
June 25, 2008 01:10PM
By Adam Pincus
Rents for Manhattan apartments remained generally flat in June compared to last year, according to a monthly survey by the brokerage Real Estate Group of New York.
Prices for one-bedrooms in non-doorman buildings dropped the most, by 4 percent to $2,859, while studios in non-doorman buildings rose by 2.1 percent to $2,190. Two-bedroom prices fell by 1.8 percent to $4,069.
In doorman buildings, studios showed a .2 percent drop to $2,642; one-bedroom increased 1 percent to $3,786; and two-bedrooms fell by 1.1 percent to $5,700.
"There are many places in which prices are still holding steady, however, inventories are not being absorbed as quickly as in prior years and the general tone of the market seems to be a bit skeptical," Daniel Baum, chief operating officer of the Real Estate Group, said in a statement. "Many building owners are offering owner-paid fees, a move generally reserved for down markets."
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Comments
Anonymous
On average a 2 bedroom mortgage is more than $7,500 + an additional XX for maintenance and taxes, so $4100 for a 2 bedroom is a bargain. It definitely makes more sense to rent now.
Comment #1 Posted By: Anonymous 06/25/08
Anonymous
Your conclusion may be correct, but the analysis is incomplete. What about the tax benefits to paying a morgage, the building of equity due to the amortization of your loan, and the ultimate appreciation of your equity upon disposition?
Comment #2 Posted By: Anonymous 06/25/08
Anonymous
Where are you going to get a nice 2 bed for 4100 where in comparison whould give you a monthly of 8000.00 if one would to buy. This would be approx a 2mil dollar apt. This would rent for about 8K min. in Manhattan's prime areas. Dont make me laugh.
Comment #3 Posted By: Anonymous 06/25/08
Anonymous
These prices are absurd. Nothing is a good deal, get a grip. What are you paying for? A city full of well-heeled empty souls? Manhattan is not so great a place to live as it once was, unless you are a member of the 'new generation of New Yorkers' who have no cultural history and are happy not to cultivate a new cultural scene and do not support existing cultural institutions (prefering to spend $4000 on a 2 bedroom apartment). The 'new New Yorkers' priorities are pitiful. The city has lost its soul. Period.
Comment #4 Posted By: Anonymous 06/26/08
Anonymous
Just do the math. Including the opportunity cost of capital on your downpayment plus the fact that even after tax deductibility of your mortgage interest, you'd still be losing out by buying. Wait till people file their tax returns or try to rent their apts out - they will never cover the carrying costs. Owning should be cheaper due to the liquidity discount and risk of owning.
Comment #5 Posted By: Anonymous 06/26/08
Anonymous
I'm just thinking about the opportunity cost of reading these inane comments
Comment #6 Posted By: Anonymous 06/27/08
Anonymous
haha, best comment yet. but in all honesty, any 2 bedroom that you can find for $4,000 must be a dump. one bedroom apts in doormen buildings in chelsea are $4,000.
Comment #7 Posted By: Anonymous 06/27/08
Anonymous
yeah four grand doesn't go far in this town anymore. maybe a nice one-bedroom?
Comment #8 Posted By: Anonymous 06/29/08
Anonymous
I own a beautiful 1bdrm (600s.f.) co-op on UES that I gut renovated last year with hi-end finishes i.e. Miele, Subzero, TOTO, motorized shades etc.and I pay $2,071 mortgate and $1,156 maintenance. I pay roughly $3,200 per month and I'm Lovin' It!! As expensis as it may seem to others, I'm still paying under 25% of my gross income to live in the greatest city in the world!! I was born here and I will die here. End of Story.
Comment #9 Posted By: Anonymous 06/30/08
Anonymous
and what a story it is ... for me to poop on
Comment #10 Posted By: Anonymous 07/01/08
Anonymous
new york ... i just left. the rents are insane, it's super noisy and stressful and in short just not worth it. there are so many other places in the world to live which have fascinating things to do and a rich cultural history and where the quality of life is far, far better than new york. but, if you are spending all your salary on rent, then of course you probably can't afford to explore the wider world ... poor you!
Comment #11 Posted By: Anonymous 08/20/08