Looking for silver lining - will crisis lower rents?
- Thread starter icouldbewrong
- Start date
Could go either way. Fewer people being able to get loans=fewer people buying=more people renting=greater competition for good apartments=higher rent. However, lots of condos that were being built to sell may now be rented, thereby increasing supply of apartments. I agree with the previous post, rent will not go down, but there may be some nicer places available for rent that previously would have been sold.
I live in a beautiful place that was intended be a condo. Its a rental. They couldnt sell at the asking place. I am very fortunate, I have lived in some major major shitholes in NYC. Predominatly in the Lower East Side.
This building is in Williamsburg and every other unit in the place is a condo. Me and my roommates are the only renters. They were asking too much for the condo. Its a duplex... and they couldnt get there asking price... so the scenario you mentioned about condos going on the rental market is happening. This place is even priced lower than it could go for. The markets misforturne was my temporary aide. I wish the market was healthier.
This building is in Williamsburg and every other unit in the place is a condo. Me and my roommates are the only renters. They were asking too much for the condo. Its a duplex... and they couldnt get there asking price... so the scenario you mentioned about condos going on the rental market is happening. This place is even priced lower than it could go for. The markets misforturne was my temporary aide. I wish the market was healthier.
Read the Curbed blog for real estate buzz. They call those condo rentals 'nondos' because they can't be sold at their high-end prices. Prices are dropping, inventory is high. It may be a slightly better market for renters (in commercial rentals, landlords give all sorts of concessions, but I don't know much about residential).
rents will drop, if for no other reason that they're higher than people can already afford and people will have less money.
foreign investment has been propping up the luxury market, but i think that can only carry so far, especially when new york is 'poor and dangerous' rather than 'a playground for the rich.'
foreign investment has been propping up the luxury market, but i think that can only carry so far, especially when new york is 'poor and dangerous' rather than 'a playground for the rich.'
there's that super high end of the market that will never go away. then there's the 'high end' of 'brokers who were supposed to get fat year end bonuses' that is the area that will drop. it's probably a good time to be a first-time home buyer, though, if you have nice clean credit you can probably look for something at a relative bargain.
and then we will all stop writing capital letters and type like warth. adorable!
and then we will all stop writing capital letters and type like warth. adorable!
Rents may not go down, but the dollar will be worth a lot less, so in real terms, rents will go down.
Also, now that financial firms will be declaring losses and therefore not pay taxes for several years, government services like the police might have to scale back. And unemployment is on the rise. Eventually Starbucks might move out of some neighborhoods.
All of this stuff happens slowly. After the stock market crash of 1929 everything was literally business-as-usual for most of the country for a couple more years.
Also, now that financial firms will be declaring losses and therefore not pay taxes for several years, government services like the police might have to scale back. And unemployment is on the rise. Eventually Starbucks might move out of some neighborhoods.
All of this stuff happens slowly. After the stock market crash of 1929 everything was literally business-as-usual for most of the country for a couple more years.
It's still around, I know a few people with rent-controlled places, mostly older folks who have been at their apartment for a while.
I asked my landlord if they could lower my rent. They put in the paperwork and I should hear from them shortly. I have heard that some landlords will do that if the economy is shit, and right now's a good time to ask. It's a pretty standard thing, if they don't they don't and if they do they do. I didn't think there was any harm in asking, I have a two year lease.
I asked my landlord if they could lower my rent. They put in the paperwork and I should hear from them shortly. I have heard that some landlords will do that if the economy is shit, and right now's a good time to ask. It's a pretty standard thing, if they don't they don't and if they do they do. I didn't think there was any harm in asking, I have a two year lease.
rent control, to the best of my knowledge, has not existed for years in nyc, though i'm fairly sure there are older units that are grandfathered and kept under the old rules until the tenants die or move out.
rent stabilization replaced it. it's less regulated, generally felt to favor landlords more than the old system did.
rent stabilization replaced it. it's less regulated, generally felt to favor landlords more than the old system did.
I'm just worried there's some loophole they know about that you don't. (But, as I said, I'm cynical about NYC landlords although the guy who currently handles the leasing for my landlords seems to be a genuinely nice fella.) You might just want to check that, if they give you a preferential rent, they don't have the right to bring your apt. to market rate when it's over.
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