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Re: The $3,000 apartment, Asking (and getting) big rents is another sign the Gold Coast is booming
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SRhia wrote:
You can also charge full market rate for your apartment, and split 50%-50% the realtor's fee. Just another way to play with the numbers.

OR - you can do what the high rises do in tough times: sign a 12-month lease, and get an extra month for free (so 12 months' rent for 13 month of living).


Yes, I have thought of these options, like for example, there is a realtor fee but the first month rent free (it's the same up front cost for the tenant) (but the 13th month rent free sounds better for the landlord!)

Posted on: 2015/4/17 17:47
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Re: The $3,000 apartment, Asking (and getting) big rents is another sign the Gold Coast is booming
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You can also charge full market rate for your apartment, and split 50%-50% the realtor's fee. Just another way to play with the numbers.

OR - you can do what the high rises do in tough times: sign a 12-month lease, and get an extra month for free (so 12 months' rent for 13 month of living).

Posted on: 2015/4/17 17:38
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Re: The $3,000 apartment, Asking (and getting) big rents is another sign the Gold Coast is booming
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brewster wrote:
Quote:

Atsushi wrote:
bodhipooh and others,

I admit that I do tend to over think things. It's because I care. I have a vested interest in this. I suppose a rent being too high or too low depends on one's income. So I'm open to going higher than my initial number ($2150).

I'm also going to meet the qualified applicants in person (I may even buy them a lunch to get to know them as you had suggested; a very good advice; thanks).



If you really want to get control of the process, don't use a realtor, show it yourself. Between the phone call, the walkthrough and the chitchat while they fill out an application, you can almost always get a good grasp on who they are. If someone asks me on the phone 10 questions I answered in the ad, what are the odds they'll be a low maintenance tenant? Nothing wrong with going with your gut, as long as you get a credit report, W-2 and can see all the factors.


I was initially going to do it myself, and I did a lot of homework and research. It did overwhelm me (particularly with lease contract), but I thought I could do it.

But my wife and I have come to really like the realtor who is helping us buy this house in a suburb (we are still under contract), and the company he works for, just told him to focus on DTJC. So that's why I decided to have him do it.

In the end, the difference is only one month rent (We will probably pay the realtor fee although we could ask the tenant to pay), and as long as we have the final say (after background check, employment check, credit check, etc.) by interviewing the finalists, we feel that we are still in control.

But thanks for your input.

Posted on: 2015/4/17 17:15
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Re: The $3,000 apartment, Asking (and getting) big rents is another sign the Gold Coast is booming
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SRhia wrote:
You can always ask for market rate (or market rate - $100 for this round). And if the tenant is really good, you can show them your appreciation by not raising rent when they renew their lease. That way, you're not starting off too low, and you have room for a nice gesture.

Quote:

Atsushi wrote:
bodhipooh and others,

I admit that I do tend to over think things. It's because I care. I have a vested interest in this. I suppose a rent being too high or too low depends on one's income. So I'm open to going higher than my initial number ($2150).

I'm also going to meet the qualified applicants in person (I may even buy them a lunch to get to know them as you had suggested; a very good advice; thanks).



I'm curious - since you're renting out your unit, I assuming you're moving? Were you able to find a nice place to upgrade to? I've been watching the market, but the prices are rising so fast, my mind can't keep up to grasp the super-inflated prices!!!


We are moving to outside of Jersey City. We love it here, but we want our parents (they are in their 70s) to visit and stay for extended periods of time (like 3 months at a time). Our one bedroom unit doesn't accommodate 4 people comfortably.

Posted on: 2015/4/17 17:04
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Re: The $3,000 apartment, Asking (and getting) big rents is another sign the Gold Coast is booming
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Atsushi wrote:
bodhipooh and others,

I admit that I do tend to over think things. It's because I care. I have a vested interest in this. I suppose a rent being too high or too low depends on one's income. So I'm open to going higher than my initial number ($2150).

I'm also going to meet the qualified applicants in person (I may even buy them a lunch to get to know them as you had suggested; a very good advice; thanks).



If you really want to get control of the process, don't use a realtor, show it yourself. Between the phone call, the walkthrough and the chitchat while they fill out an application, you can almost always get a good grasp on who they are. If someone asks me on the phone 10 questions I answered in the ad, what are the odds they'll be a low maintenance tenant? Nothing wrong with going with your gut, as long as you get a credit report, W-2 and can see all the factors.

Posted on: 2015/4/17 1:32
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Re: The $3,000 apartment, Asking (and getting) big rents is another sign the Gold Coast is booming
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You can always ask for market rate (or market rate - $100 for this round). And if the tenant is really good, you can show them your appreciation by not raising rent when they renew their lease. That way, you're not starting off too low, and you have room for a nice gesture.

Quote:

Atsushi wrote:
bodhipooh and others,

I admit that I do tend to over think things. It's because I care. I have a vested interest in this. I suppose a rent being too high or too low depends on one's income. So I'm open to going higher than my initial number ($2150).

I'm also going to meet the qualified applicants in person (I may even buy them a lunch to get to know them as you had suggested; a very good advice; thanks).



I'm curious - since you're renting out your unit, I assuming you're moving? Were you able to find a nice place to upgrade to? I've been watching the market, but the prices are rising so fast, my mind can't keep up to grasp the super-inflated prices!!!

Posted on: 2015/4/17 1:11
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Re: The $3,000 apartment, Asking (and getting) big rents is another sign the Gold Coast is booming
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bodhipooh and others,

I admit that I do tend to over think things. It's because I care. I have a vested interest in this. I suppose a rent being too high or too low depends on one's income. So I'm open to going higher than my initial number ($2150).

I'm also going to meet the qualified applicants in person (I may even buy them a lunch to get to know them as you had suggested; a very good advice; thanks).


Posted on: 2015/4/16 20:06
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Re: The $3,000 apartment, Asking (and getting) big rents is another sign the Gold Coast is booming
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Vindication15 is being too sanguine in disparaging User1111. They are both right on different things:

Vindication15 is right that lots of people can afford a monthly rent of $2500. I know single people paying 3K, and higher, in new construction for places of the same size, or even smaller.

User1111 is right in that you are WAY OVER THINKING this. And, based on what you just added on your latest post (renovated kitchen, W/D in unit) I am now even more convinced that you can get in the $2500 range for your place, especially if the place is in very good conditions. Whether $2500 is "a lot of money", or that someone could buy a place if they are willing to pay that monthly, is beyond the point. You never know why a person may not want to buy, instead of renting. There are many good arguments against buying, not to mention that each person's situation is unique.

If you truly like and trust the realtor you have found, listen to him. If a potential tenant pops up, and you have a good feeling about that person, and you want to negotiate to something lower, then do so.

PS - I don't think Dixon Mills is a good comp, at all. They are next to Columbus (noise and dust) and not in front of a park. All things being equal, I would much rather be in front of VVP than back there in Dixon Mills.

Posted on: 2015/4/16 19:51
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Re: The $3,000 apartment, Asking (and getting) big rents is another sign the Gold Coast is booming
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Lies! DTJC is mostly filled with two income households. She is nuts!

Posted on: 2015/4/16 19:42
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Re: The $3,000 apartment, Asking (and getting) big rents is another sign the Gold Coast is booming
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user1111 wrote:
Quote:

Atsushi wrote:
Thanks for comments.

I understand that no one should undersell DTJC, but $2500 for one bed room, one bathroom unit? Boy, that sounds crazy! (I mean that in a positive way)

Our is on the first floor of a brownstone (not garden level, and it's practically second floor). High ceiling. W/D in unit. Renovated kitchen (2012). Corner unit, so a lot of windows. Hall way is big and nice (not dingy as I have seen in some brownstone condos). Facing the park (I see this as the biggest selling point). No doorman or management on site though, but a great building with lots of character in my opinion (again, I'm biased).

I did see fairly recently a comp (similar size) in Dixon Mills and another in just across the street (this one had a balcony) in the New York Times real estate section, and like these, my observation has been that 1b1b is priced higher than $2200, it seems to take longer to find a tenant and sometimes the rent gets reduced because of that. So that's why I thought staying under $2200 was a good idea to minimize vacancy.

Now I'm not so sure.

After finding a realtor who I really like personally, I'm going to have him do the advertising and background check, etc. But it means, assuming $2150 monthly rent, the tenant will pay $2150 (first month rent) + $2150 x 1.5 (security deposit) + $2150 (realtor fee) =$7525 up front (If I rent it for $2500, that would be $8750).

I think to myself if someone can pay that out of pocket, why don't they just buy? Why rent? Then I think that that someone probably gets relocation assistance from his/her employer and they don't plan to live here forever.

But I think to myself again, do I want to rent to someone who is spending their hard-earned money and is determined to get the security deposit back, or someone who is subsidized by their employer and doesn't care whether or not they get the security deposit back. This choice is easy for me.

So my thinking is that perhaps, I will pay for the realtor fee so that people who may not have relocation assistance can also have a chance.

But even so, not everyone is qualified ($2150 x 3 = $6450 is the minimum monthly gross income). I am assuming that it would be a young couple with no kids. Perhaps if I sweeten the deal further with relaxed pet policy (yes, of course, there is a risk to that as well), maybe I can find someone who has two small dogs and is desperate to find a place to live and feels so lucky to live there. Such person/people will unlikely to cause troubles, and to me, that's worth getting a few hundred dollars less per month.

But that's my thinking today. Tomorrow, I may change my mind.


You are probably thinking too much, cut the amounts in half.. most people who rent dtjc have a roommate or two. So they wont be that house poor after paying you.


http://www.census.gov/censusexplorer/censusexplorer.html

Type in your zip code. People are not poor in the dtjc area. A single person can pay 2500 easily with those median incomes. Median income in my neighborhood is 99k.

People are not doing what user is suggesting. Maybe in his neighborhood where median income is 32k. Don't listen to a GV resident about real estate in DTJC. Might as well ask someone from ohio...

Posted on: 2015/4/16 19:21
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Re: The $3,000 apartment, Asking (and getting) big rents is another sign the Gold Coast is booming
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Quote:

Atsushi wrote:
Thanks for comments.

I understand that no one should undersell DTJC, but $2500 for one bed room, one bathroom unit? Boy, that sounds crazy! (I mean that in a positive way)

Our is on the first floor of a brownstone (not garden level, and it's practically second floor). High ceiling. W/D in unit. Renovated kitchen (2012). Corner unit, so a lot of windows. Hall way is big and nice (not dingy as I have seen in some brownstone condos). Facing the park (I see this as the biggest selling point). No doorman or management on site though, but a great building with lots of character in my opinion (again, I'm biased).

I did see fairly recently a comp (similar size) in Dixon Mills and another in just across the street (this one had a balcony) in the New York Times real estate section, and like these, my observation has been that 1b1b is priced higher than $2200, it seems to take longer to find a tenant and sometimes the rent gets reduced because of that. So that's why I thought staying under $2200 was a good idea to minimize vacancy.

Now I'm not so sure.

After finding a realtor who I really like personally, I'm going to have him do the advertising and background check, etc. But it means, assuming $2150 monthly rent, the tenant will pay $2150 (first month rent) + $2150 x 1.5 (security deposit) + $2150 (realtor fee) =$7525 up front (If I rent it for $2500, that would be $8750).

I think to myself if someone can pay that out of pocket, why don't they just buy? Why rent? Then I think that that someone probably gets relocation assistance from his/her employer and they don't plan to live here forever.

But I think to myself again, do I want to rent to someone who is spending their hard-earned money and is determined to get the security deposit back, or someone who is subsidized by their employer and doesn't care whether or not they get the security deposit back. This choice is easy for me.

So my thinking is that perhaps, I will pay for the realtor fee so that people who may not have relocation assistance can also have a chance.

But even so, not everyone is qualified ($2150 x 3 = $6450 is the minimum monthly gross income). I am assuming that it would be a young couple with no kids. Perhaps if I sweeten the deal further with relaxed pet policy (yes, of course, there is a risk to that as well), maybe I can find someone who has two small dogs and is desperate to find a place to live and feels so lucky to live there. Such person/people will unlikely to cause troubles, and to me, that's worth getting a few hundred dollars less per month.

But that's my thinking today. Tomorrow, I may change my mind.


You are probably thinking too much, cut the amounts in half.. most people who rent dtjc have a roommate or two. So they wont be that house poor after paying you.

Posted on: 2015/4/16 18:04
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Re: The $3,000 apartment, Asking (and getting) big rents is another sign the Gold Coast is booming
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Thanks for comments.

I understand that no one should undersell DTJC, but $2500 for one bed room, one bathroom unit? Boy, that sounds crazy! (I mean that in a positive way)

Our is on the first floor of a brownstone (not garden level, and it's practically second floor). High ceiling. W/D in unit. Renovated kitchen (2012). Corner unit, so a lot of windows. Hall way is big and nice (not dingy as I have seen in some brownstone condos). Facing the park (I see this as the biggest selling point). No doorman or management on site though, but a great building with lots of character in my opinion (again, I'm biased).

I did see fairly recently a comp (similar size) in Dixon Mills and another in just across the street (this one had a balcony) in the New York Times real estate section, and like these, my observation has been that 1b1b is priced higher than $2200, it seems to take longer to find a tenant and sometimes the rent gets reduced because of that. So that's why I thought staying under $2200 was a good idea to minimize vacancy.

Now I'm not so sure.

After finding a realtor who I really like personally, I'm going to have him do the advertising and background check, etc. But it means, assuming $2150 monthly rent, the tenant will pay $2150 (first month rent) + $2150 x 1.5 (security deposit) + $2150 (realtor fee) =$7525 up front (If I rent it for $2500, that would be $8750).

I think to myself if someone can pay that out of pocket, why don't they just buy? Why rent? Then I think that that someone probably gets relocation assistance from his/her employer and they don't plan to live here forever.

But I think to myself again, do I want to rent to someone who is spending their hard-earned money and is determined to get the security deposit back, or someone who is subsidized by their employer and doesn't care whether or not they get the security deposit back. This choice is easy for me.

So my thinking is that perhaps, I will pay for the realtor fee so that people who may not have relocation assistance can also have a chance.

But even so, not everyone is qualified ($2150 x 3 = $6450 is the minimum monthly gross income). I am assuming that it would be a young couple with no kids. Perhaps if I sweeten the deal further with relaxed pet policy (yes, of course, there is a risk to that as well), maybe I can find someone who has two small dogs and is desperate to find a place to live and feels so lucky to live there. Such person/people will unlikely to cause troubles, and to me, that's worth getting a few hundred dollars less per month.

But that's my thinking today. Tomorrow, I may change my mind.

Posted on: 2015/4/16 17:57
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Re: The $3,000 apartment, Asking (and getting) big rents is another sign the Gold Coast is booming
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Quote:

Atsushi wrote:
We are thinking of leasing our condo. Ours is 700sqft one bedroom, one bathroom. Looking around other comps in the neighborhood (although there aren't that many comparable rentals in our immediate neighborhood), I've been thinking $2150/month. But realtors who have seen it tell us that we can go higher (I'm skeptical).

It is a very nice unit though. Obviously, I'm biased, but it's right on Van Vorst Park and 5 minute walk to Grove Street PATH.

I have two schools of thought. One is to at least try to lease it at a high as the realtors had suggested ($2400). But I do worry if a tenant is paying as much as $2400, he or she may complain about even smallest things that could possibly go wrong (like changing a light bulb).

I would personally like to lease it for a little bit lower than it can be to someone who feels lucky to live there for that rent.

Anyway, a difficult decision is ahead of me.


Atsushi: I think you have a very good point and grasp on things. From personal experience, I would tell you that I was very willing to personally handle a bunch of things in my rental unit because it was a great deal, probably several hundred dollars under market. I had an incentive to maintain a "status quo" with my landlord whereby I never bothered him, took care of most things, and made improvements to the place, while he had an incentive to keep me as a tenant because of all those things and not having to worry about his property being damaged, or not maintained nicely. In the end, it comes down to finding the right person, and your gut feeling about that person.

If I was a landlord, I would insist in personally meeting a prospective tenant over a long coffee or quick bite. I know it doesn't sound realistic, but you can learn a lot about a person over 15 minutes, and also save yourself a lot of heartache and grief. It is a minor investment and you need only do it with those candidates to which you have narrowed down the pool of applicants. That's how my landlord and I handled things back in 2006, and I think it worked out great for the two of us.

Also, while your unit is a bit small for my taste, I think a rent of $2100 might be low for that area. I was paying that in BeLa (granted, a bigger unit, at 990 sf, and with a parking spot included) so I think your unit in front of VVP should be able to command $2500.

Posted on: 2015/4/16 16:57
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Re: The $3,000 apartment, Asking (and getting) big rents is another sign the Gold Coast is booming
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I would also say that DTJC and Hoboken are pretty much separate from the rest of JC in terms of real estate.

We need to aim to have those Manhattan prices here. DTJC and Hoboken buildings offer better amenities, more space, and better finishes than MOST NYC doorman buildings. So let's not undersell ourselves.


Posted on: 2015/4/16 16:41
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Re: The $3,000 apartment, Asking (and getting) big rents is another sign the Gold Coast is booming
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Atsushi wrote:
We are thinking of leasing our condo. Ours is 700sqft one bedroom, one bathroom. Looking around other comps in the neighborhood (although there aren't that many comparable rentals in our immediate neighborhood), I've been thinking $2150/month. But realtors who have seen it tell us that we can go higher (I'm skeptical).

It is a very nice unit though. Obviously, I'm biased, but it's right on Van Vorst Park and 5 minute walk to Grove Street PATH.

I have two schools of thought. One is to at least try to lease it at a high as the realtors had suggested ($2400). But I do worry if a tenant is paying as much as $2400, he or she may complain about even smallest things that could possibly go wrong (like changing a light bulb).

I would personally like to lease it for a little bit lower than it can be to someone who feels lucky to live there for that rent.

Anyway, a difficult decision is ahead of me.


If you live in a doorman building with amenities in dtjc, don't go below 2500. IN Manhattan, you can't find a 1BR doorman building with amenities for less than 3500. Stop underselling dtjc.

I am about to lease my unit too and will put it at 3000 and see if anyone bites.

Posted on: 2015/4/16 16:38
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Re: The $3,000 apartment, Asking (and getting) big rents is another sign the Gold Coast is booming
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That would be my concern as well. There are expensive rental units in my building where tenants don't care and just slam the doors and treat everything (i.e., common areas) as though there is a maid to clean up after them. That would be my worry.




Quote:

Atsushi wrote:
We are thinking of leasing our condo. Ours is 700sqft one bedroom, one bathroom. Looking around other comps in the neighborhood (although there aren't that many comparable rentals in our immediate neighborhood), I've been thinking $2150/month. But realtors who have seen it tell us that we can go higher (I'm skeptical).

It is a very nice unit though. Obviously, I'm biased, but it's right on Van Vorst Park and 5 minute walk to Grove Street PATH.

I have two schools of thought. One is to at least try to lease it at a high as the realtors had suggested ($2400). But I do worry if a tenant is paying as much as $2400, he or she may complain about even smallest things that could possibly go wrong (like changing a light bulb).

I would personally like to lease it for a little bit lower than it can be to someone who feels lucky to live there for that rent.

Anyway, a difficult decision is ahead of me.

Posted on: 2015/4/16 16:20
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Re: The $3,000 apartment, Asking (and getting) big rents is another sign the Gold Coast is booming
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JCMan8 wrote:
Count me as another who doesn't believe this article for a second. There is absolutely no way the average apartment in all of Hudson County rents for $3,000 a month.

New buildings sure. New and old buildings on the "Gold Coast," maybe. But zero chance all buildings in Hudson County average out to $3,000 a month.

In case the article writer didn't realize, Hudson County is a big place. A lot of it is dumpy and crappy. When you have huge swaths of land where the average rent is $1,500 or less (and those are the fine areas, not the dumps where rents are lower), the other areas would need to average $4,500+ to balance out to $3,000 for the whole county. Not a chance.


Well there's a couple of things i can think of that would skew things.

First, lots of people who renting old crappy apartments are staying in old crappy apartments and not moving around. These won't show up in the stats. People in the big pricey buildings tend to either move on or buy a place, either way they churn.

They are compiled by a brokerage firm. You're more likely to have an actively listed apartment that they can track if it costs more money. Cheap apartments are less likely to have an agent list them.



Posted on: 2015/4/16 16:03
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Re: The $3,000 apartment, Asking (and getting) big rents is another sign the Gold Coast is booming
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We are thinking of leasing our condo. Ours is 700sqft one bedroom, one bathroom. Looking around other comps in the neighborhood (although there aren't that many comparable rentals in our immediate neighborhood), I've been thinking $2150/month. But realtors who have seen it tell us that we can go higher (I'm skeptical).

It is a very nice unit though. Obviously, I'm biased, but it's right on Van Vorst Park and 5 minute walk to Grove Street PATH.

I have two schools of thought. One is to at least try to lease it at a high as the realtors had suggested ($2400). But I do worry if a tenant is paying as much as $2400, he or she may complain about even smallest things that could possibly go wrong (like changing a light bulb).

I would personally like to lease it for a little bit lower than it can be to someone who feels lucky to live there for that rent.

Anyway, a difficult decision is ahead of me.

Posted on: 2015/4/16 15:59
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Re: The $3,000 apartment, Asking (and getting) big rents is another sign the Gold Coast is booming
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Count me as another who doesn't believe this article for a second. There is absolutely no way the average apartment in all of Hudson County rents for $3,000 a month.

New buildings sure. New and old buildings on the "Gold Coast," maybe. But zero chance all buildings in Hudson County average out to $3,000 a month.

In case the article writer didn't realize, Hudson County is a big place. A lot of it is dumpy and crappy. When you have huge swaths of land where the average rent is $1,500 or less (and those are the fine areas, not the dumps where rents are lower), the other areas would need to average $4,500+ to balance out to $3,000 for the whole county. Not a chance.

Posted on: 2015/4/16 15:26
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Re: The $3,000 apartment, Asking (and getting) big rents is another sign the Gold Coast is booming
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Dolomiti wrote:
The Western half of the Roman Empire (or, much later, the Eastern half) didn't collapse because its citizens spent too much on rent. ;)


Really? Damn, you're probably right!

The point I?m making in response to vindication15?s sorry attitude (and thousands of others like her) is that the decline of virtues that are healthy for us as an entire society will ultimately prove to be just as destructive. Remaining ignorant to the consequences of people living beyond their means, or simply not giving a crap about others who can?t partake of the filthy lucre, is bad news for all of us.

Posted on: 2015/4/16 15:23
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Re: The $3,000 apartment, Asking (and getting) big rents is another sign the Gold Coast is booming
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Voyeur wrote:
Rentals in DTJC are going nuts as we have discussed many times on these threads, but can the area truly be said to be "booming" if all the new construction, and consequently demand, is for rentals?

The article does not mention condo/coop/single family development at all, and while Fulop touts the 8,000 new units that will open up in JC in the next couple of years, I understand that almost all of them - if not all of them - will be rental buildings.

I'm interested as to why none of these developers are going for condo construction versus rentals - why is that? I would think operating a high rise rental building is far more lucrative in the long run than condos, but are there other factors at play here?


It's mostly financing. It is much, much easier to get a loan to build a rental than a condo building.

Posted on: 2015/4/16 14:28
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Re: The $3,000 apartment, Asking (and getting) big rents is another sign the Gold Coast is booming
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Rentals in DTJC are going nuts as we have discussed many times on these threads, but can the area truly be said to be "booming" if all the new construction, and consequently demand, is for rentals?

The article does not mention condo/coop/single family development at all, and while Fulop touts the 8,000 new units that will open up in JC in the next couple of years, I understand that almost all of them - if not all of them - will be rental buildings.

I'm interested as to why none of these developers are going for condo construction versus rentals - why is that? I would think operating a high rise rental building is far more lucrative in the long run than condos, but are there other factors at play here?

Posted on: 2015/4/16 14:09
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Re: The $3,000 apartment, Asking (and getting) big rents is another sign the Gold Coast is booming
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It's not about one individual establishing an arbitrary figure for everyone else. You're free to do whatever you want, but where do you think unsustainable spending habits will lead our nations and their cities?

Rome used to be an empire, but what is it today? A museum.

The Western half of the Roman Empire (or, much later, the Eastern half) didn't collapse because its citizens spent too much on rent. ;)

Posted on: 2015/4/16 13:36
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Re: The $3,000 apartment, Asking (and getting) big rents is another sign the Gold Coast is booming
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equ wrote:
I understand 'average', 'median' and other statistical concepts quite well, thank you. In my modest opinion, it still sounds excessive to unbelievable even with a skewed tail towards the high prices.

Hot downtown JC buildings =/= Hudson Co.

If the article had said >$3000 for *new* rental units in downtown JC or Hoboken, sure. If it had said average >$4000 for such buildings, perhaps... But average asking rent over all of Hudson Co. Nope.

I can ask $100k/month for my property, it will go unfilled and that will distort average "asking" rents. Garbage data.

No doubt real estate is super hot right now, but this is highly biased.

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bodhipooh wrote:
Quote:

equ wrote:
You mean that $3000 is the average asking rent? I still don't believe it, there are large swaths of Hudson that are not Hoboken or Downtown JC.


What's so hard to understand about *average*? The article plainly lays out its data and claims: despite areas that are definitely BELOW that threshold, the areas that command prices above that level do so at a very high level.

The two examples they used (The Art House JC and Warren at York) are very much on point, both asking (and getting) rents in the $4/sf range. Just because you can find a rental somewhere in JC for $2 per sq. ft., it does not negate that, when taken as a whole, Hudson County real estate is super hot right now. I totally believe what the article is saying because what they claim is exactly what I experienced over the past year while shopping for a new place. Every new building that has come onto the market over the past year, and those coming online in the next year or two, will all command these rents.


You are right. Opinions ALWAYS trump facts. How could I possibly forget that??

But, if you ever decide to look into it, I suggest you pull off the blindfold, fire up your favorite browser (hopefully not IE!) and check out the websites for any and all of the new buildings that have gone on the market over the past year or so, and then look at what is coming online for 2015 (and 2016?) and then come back and tell us what you find. You WILL find that what the article states is very, very much true: these buildings are getting $4 per sq. ft. and leasing up completely in a few months. Rental rates that would have seemed downright crazy a few years ago (say, 4K to 6K for 2b or 3b) are now routine in ALL of the new construction happening in DTJC.

Posted on: 2015/4/16 12:42
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Re: The $3,000 apartment, Asking (and getting) big rents is another sign the Gold Coast is booming
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I understand 'average', 'median' and other statistical concepts quite well, thank you. In my modest opinion, it still sounds excessive to unbelievable even with a skewed tail towards the high prices.

Hot downtown JC buildings =/= Hudson Co.

If the article had said >$3000 for *new* rental units in downtown JC or Hoboken, sure. If it had said average >$4000 for such buildings, perhaps... But average asking rent over all of Hudson Co. Nope.

I can ask $100k/month for my property, it will go unfilled and that will distort average "asking" rents. Garbage data.

No doubt real estate is super hot right now, but this is highly biased.

Quote:

bodhipooh wrote:
Quote:

equ wrote:
You mean that $3000 is the average asking rent? I still don't believe it, there are large swaths of Hudson that are not Hoboken or Downtown JC.


What's so hard to understand about *average*? The article plainly lays out its data and claims: despite areas that are definitely BELOW that threshold, the areas that command prices above that level do so at a very high level.

The two examples they used (The Art House JC and Warren at York) are very much on point, both asking (and getting) rents in the $4/sf range. Just because you can find a rental somewhere in JC for $2 per sq. ft., it does not negate that, when taken as a whole, Hudson County real estate is super hot right now. I totally believe what the article is saying because what they claim is exactly what I experienced over the past year while shopping for a new place. Every new building that has come onto the market over the past year, and those coming online in the next year or two, will all command these rents.

Posted on: 2015/4/16 3:05
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Re: The $3,000 apartment, Asking (and getting) big rents is another sign the Gold Coast is booming
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vindication15 wrote:
The fact that the population yous peak of is here and paying their rent means that they are able to live here - even if that consists of 20% or 90% of their salary. They don't have to live up to a subjective standard you set..


It's not about one individual establishing an arbitrary figure for everyone else. You're free to do whatever you want, but where do you think unsustainable spending habits will lead our nations and their cities?

Rome used to be an empire, but what is it today? A museum.

Posted on: 2015/4/15 21:26
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Re: The $3,000 apartment, Asking (and getting) big rents is another sign the Gold Coast is booming
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Frank_M wrote:
Quote:

vindication15 wrote:
Quote:

citybooster wrote:
What we should want to be is an alternative to ridiculous rental prices in Manhattan and Brooklyn.. not hell bent on matching them.


instead of wishing for the same or even lower rents and wishing your community doesn't improve how about you find a better paying job...


Your [typically] nearsighted argument ignores the influence of a growing population of individuals who are willing to live beyond their own, reasonable means. For every wealthy person, there are thousands more who are also helping to drive up costs with irresponsible spending that isn?t tied to higher earnings.


No one is forcing someone to live in a certain neighborhood. Just because you have been here for 50 years doesn't mean you deserve to be here for another 50 years, especially if you can no longer afford to live in the area.

The fact that the population yous peak of is here and paying their rent means that they are able to live here - even if that consists of 20% or 90% of their salary. They don't have to live up to a subjective standard you set..

People like yvonne and the rest here is exactly why JC is taking so long to make it. Good, you bought a house here while dinosaurs roamed JC, thank you. That doesn't mean you get to dictate what happens to JC for all of us...and especially if you can't pay your rent.

The first people who bought the iphone for $1000 are listened to no more than those who are buying the newest iteration of the iphone.

The neighborhood owes nothing to you. You are one voice, no matter how disgruntled you are. Deal with it. Prices are rising and back to my original point, get a better paying job - something you are in control of...

Posted on: 2015/4/15 20:40
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Re: The $3,000 apartment, Asking (and getting) big rents is another sign the Gold Coast is booming
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vindication15 wrote:
Quote:

citybooster wrote:
What we should want to be is an alternative to ridiculous rental prices in Manhattan and Brooklyn.. not hell bent on matching them.


instead of wishing for the same or even lower rents and wishing your community doesn't improve how about you find a better paying job...


Your [typically] nearsighted argument ignores the influence of a growing population of individuals who are willing to live beyond their own, reasonable means. For every wealthy person, there are thousands more who are also helping to drive up costs with irresponsible spending that isn?t tied to higher earnings.

Posted on: 2015/4/15 20:24
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Re: The $3,000 apartment, Asking (and getting) big rents is another sign the Gold Coast is booming
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citybooster wrote:
What we should want to be is an alternative to ridiculous rental prices in Manhattan and Brooklyn.. not hell bent on matching them.


instead of wishing for the same or even lower rents and wishing your community doesn't improve how about you find a better paying job...

Posted on: 2015/4/15 17:35
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Re: The $3,000 apartment, Asking (and getting) big rents is another sign the Gold Coast is booming
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citybooster wrote:
What we should want to be is an alternative to ridiculous rental prices in Manhattan and Brooklyn.. not hell bent on matching them.


And, how do you propose we become an alternative to (your idea of) ridiculous rental prices? Should the city attempt to implement a cap on rental rates (just like they have capriciously decided no more than 30% of any available commercial space should be leased to a chain or franchise business)? Or, perhaps impose some insane limit on who can move into JC to ensure only people of certain means are "allowed" to rent whatever stock is available?? Or, the government can encourage and foster more development across the entire city, thereby increasing inventory and availability?? In any case, what you claim are ridiculous rental prices are the rates that the market commands. If people are willing to keep paying more, the builders and developers will keep asking for more.

Posted on: 2015/4/15 17:23
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