More evidence of falling rents in last Sunday's New York Times:
"Many people who signed leases in the bubble years are paying much more in rent than what their apartments would get today. So when their leases expire, some New Yorkers are trading up for better deals, finding comparable places for less money or nicer apartments that do not come with a big rent increase.
'No one's willing to pay more now, because there's always another deal next door or down the block,' said Georgia Kaporis, an associate broker at Citi Habitats. 'They're just upgrading for less.' "
It's time for another round of Food Emporium Friday--this time on a Monday, on account of my being really bad at doing my taxes. Apologies to everyone. Remember, these deals are only good with your totally free Food Emporium Rewards card, so get yours today!!
On sale this week:
Purdue Boneless Chicken Breast Bonus Pack, $2.99/pound (Save $3.50/lb!!)
Some people cope with the recession by throwing themselves even harder into their work. Others simply curl up under the covers and have a good cry. Still others turn, as many before them have, to booze.
In that vein, NYMag.com has a great round-up of NYC bars with $1 (or less!) beer specials. Read the article here. Thanks to my pal B-dubs for the tip...
At left: Behold, the elusive washer dryer. Image via citi-habitats.com
My friend Nina sent me this article from the Wall Street Journal, proclaiming that rents in NYC are in a free fall. To see if this was true, I took a tour of some of the open properties in my neighborhood. FYI, I went with Tom McNichols of CitiHabitats. Tom was super informative and totally non-pushy--definitely a great guy to use if you want to go the realtor route. Here's his info: Cell: 917. 435. 0420, Email: tmcnichols@citi-habitats.com.
My findings? Rents are definitely lower than in the past, though reductions are totally landlord-dependant. I saw one place that was way larger than my one bedroom, that was going for about the same price (oh, and it had a washer/dryer. AMAZING). But I also saw one that was about a third of the size of my current digs, that was asking for almost $600 more/month. It seems to me that some landlords aren't yet ready to believe that the rental bubble has burst, and too bad for them: the last place I mentioned was one of 20 open apartments in that building.
My advice to those on the hunt: find a realtor you can trust and do not be afraid of lowballing. Tom was super open with me about how long the apartments we saw had been on the market, signalling to me that said places could be had for less than the asking price.
Also: Tom mentioned that some "no-fee" apartments are traps. Here's why: larger buildings will use "no-fee" deals and offers of free months of rent in order to lure you into a lease with higher monthly rents. So, say you move into a place with "no-fee" and a free month's rent and the landlord offers to prorate it for you so you can have this beautiful space for the low cost of $2000/month. Sounds like a sweet deal, but it's not. Because come year 2, you're rent will skyrocket up to the full amount (which could be something like $2600/month). Tom said that it's better never to prorate: tell the landlord you'd rather pay the fee or the rent, so that your lease lists a lower monthly rent.
In the end, I didn't see anything so fantastic that I would consider going through the trauma of moving. However, I did see proof that rents are falling, and that maybe I could be getting a better deal from my landlord. A phone call to him is in order, and obviously I'll update you on the result...