Deals To Be Had For New Roosevelt Island Octagon Renters - But Tenants Renewing Lease May Not Be So Lucky!
A reader of this post on renting at Roosevelt Island's eco-friendly Octagon Building provides some good news on the state of the rental market for new tenants looking for apartments but warns that existing tenants are not getting the benefit of a declining market.
The building seems to be hurting right now. Doing everything they can to rent the apartments. I have a friend who lives in a 1 bedroom. I stopped by to view an apartment through the leasing office. I saw an apartment idential to hers on a higher floor and they are offering a much lower rate that she is paying!! ABout $400 less!!! And have the nerve to raise her rent even more to renew her lease. Does not make sense at all.Bloomberg is reporting that:
Manhattan apartment rents fell for a fourth consecutive month in November and vacancy rates reached 2 percent for the first time in almost two years as Wall Street’s financial turmoil took a toll on the housing market.Will tenants renewing their lease benefit from falling rents as well or will landlords try to hold steady on rents for existing tenants thinking that the hassle and expense of moving will keep existing tenants from searching for new apartments?
... Rents are declining as New York City is forecast to lose as many as 165,000 jobs, including 35,000 in the financial industry, as the impact of the credit crisis spreads throughout the economy. Wall Street firms including Merrill Lynch & Co. have produced mortgage-related losses and writedowns of more than $900 billion and are cutting staff as the economy weakens....
1 comments :
Am I right to assume that those rent discounts are done through a rider to the lease? As soon as the Octagon folks realize that you are rather unlikely to move out they will quickly raise your rent back to the original level. Happened to us in Manhattan Park. We are paying market while similar apartments are rented out with a discount.
Post a Comment