Mbrown, Renter in 10065

I have a UES studio rental up for renewal. What is market trend over past month, past year? Don't know fair % change rent to avoid getting

Asked by Mbrown, 10065 Fri Sep 23, 2011

gouged. I'm trying to get a rough sense of whether market is going up or down over past year or past month because I expect the broker will open with a high offer, and I have no idea of the typical % change for average studio in UES market or the overall manhattan apartment rental market in general. Anyone who can throw out a ballpark estimate of how prices have changed would be helpful (I know it depends on location and other factors but am just trying to get a directional sense, /- 5%? 10%?, etc.

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6
Joseph Gonzalez’s answer
Mbrown,

If this a rent stabilized building, the most the rent can increase is 3%. When is your lease up? If you signed during the winter months, you shouldn't see a dramatic increase. Are you interested in looking at other area's in the city to live? I concentrate in Lower Manhattan and prices are comparable to UES.

Feel free to contact me, if you like to get an idea of monthly rents.

Best,
Joe Gonzalez
0 votes Thank Flag Link Thu Jul 26, 2012
From what I see, the rental market in Manhattan is really strong and prices are increasing. As an example, one of the landlords I am working with is now renting for 2200 1 BR apartments in a walk up that he was renting for 2150 just a few months ago. Also, if before it was possible to find some landlords that paid broker's fees - now the landlords do not pay commission, and tenants have to pay it because the market has changed. Even with these changes apartments rent really fast.
0 votes Thank Flag Link Thu Apr 19, 2012
A few things can happen, you can stay where you are and negotiate the same terms on the lease (no increase) or shoot for the lowest number of maybe 3% if possible. Please keep in mind if your'e looking for a new place, it's the same song & dance, broker fee:15%, first month, last month, credit check fee, maybe application fee, even if you move yourself you'll have to rent a truck. Ask yourself wha'ts more feeisble, staying put or looking for a new place? Best of luck, take it to the mat and don't look back. Feel free to contact for all your real estate needs.

Please Contact:Tony Lara
Licensed Real Estate Salesperson
Charles Rutenberg Realty
127 East 56th Street, 4th Floor
New York, NY 10022
(212) 688-1000 x 435 (tel)
(917) 647-8966 (cell)
0 votes Thank Flag Link Sat Nov 5, 2011
Hi Mbrown,

The first and most important question is your apartment rent stabilized? If it is, expect it now to go up by more than 2-3%. If it is a free market unit then you will have to succumb to market forces. It is true that the rental market has tightened up, but now that winter is upon us I expect it to flatline a little bit before it goes up. However expect to see a significant jump in your renewal, it is where the market is.

Your best bet is to shop around when you get your lease renewal so you know where the market is comparatively. See what other similar units in your building is asking for to get an idea.

Make sure to check out my article about higher rents in the city below.

Best of luck!
0 votes Thank Flag Link Sat Oct 29, 2011
Hi Mbrown. Please see the included link to a recent NY Times article on the state of rentals in Manhattan. One of the main factors is always inventory. I believe the article refers to a 1.08% vacancy rate. Tight indeed. When demand is high, prices go up. Hope the artilce helps in your decision. Good luck.

http://www.nytimes.com/2011/10/16/realestate/rents-in-manhat…
0 votes Thank Flag Link Fri Oct 28, 2011
My firm has deep expertise the rental market, and I can tell you in our office what we're seeing is that the rental market is getting tighter compared to what it was during the worst of the financial downturn. This is pushing up rents either directly, or by the elimination of landlord concessions such as a free month's rent or the landlord paying the broker's fee (instead of the tenant paying it).

The Upper East Side, where we have many listings, is a slightly softer market than other areas of Manhattan, such as midtown. There is more supply relative to demand on the UES,

That said, there are still good deals to be had out there in rental homes. The best value apartments get snapped up quickly.

Karla Harby
Lic Real Estate Salesperson
Metropolis
917.365.0876
0 votes Thank Flag Link Sat Sep 24, 2011
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