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Re: Is the rental market downtown crazy slow?
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Hi I hope that the rental market will stabalize, I have a 1-Bedroom in the island area for $1150 if there is interest. It is listed on here in the rental area for more information. Thanks and all the best to Jersey City, I used to live in Manhattan and really like here I wish I had moved here just after the last downturn in the 80's the people who moved then went through some tough times but really made it in the end.

Posted on: 2009/3/11 13:51
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Re: Is the rental market downtown crazy slow?
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I think a fair price for a one bedroom downtown is 1200-1600 in one of the rowhouses. From my experience, a lot of those places are listed with brokers. That being said, the economy being what it is there are a lot of no fee listings out there.

If you want one of the luxury developments I think a one bedroom would go for 2000+.

Posted on: 2009/3/11 12:51
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Re: Is the rental market downtown crazy slow?
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I'm moving from Upstate New York and have been looking at Jersey City. How much should I look to pay for a one bedroom? How is parking in the city? What advantages are there in going through a broker?

Posted on: 2009/3/11 5:40
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Re: Is the rental market downtown crazy slow?
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Here is an example of a inexpensive 2BR downtown:

It's $1700 w/no fee, but I'm guessing it could be had for less.

http://newjersey.craigslist.org/apa/1068540874.html

Posted on: 2009/3/10 16:39
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Re: Is the rental market downtown crazy slow?
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Quote:

ianmac47 wrote:Also, there are a lot of two bedrooms renting for $1500 or under in the downtown; they aren't palaces but they are definitely available.


Care to give the numbers and/or adresses? I have friends from Brooklyn looking now and I know others on here would love real details.

Posted on: 2009/3/10 16:00
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Re: Is the rental market downtown crazy slow?
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I think by May or June there is going to be a tremendous number of rental units available. Also, there are a lot of two bedrooms renting for $1500 or under in the downtown; they aren't palaces but they are definitely available.

Posted on: 2009/3/10 15:46
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Re: Is the rental market downtown crazy slow?
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We checked out a couple of apartments over the weekend. Though we noticed just walking around (esp on Jersey st/1st ave area) there were a ton of For Sale/For Rent signs around. We had to cut our wandering short because it started raining but we plan on looking this weekend too.

Thanks for the advice thriftyT!

Posted on: 2009/3/10 15:32
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Re: Is the rental market downtown crazy slow?
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Quote:

newinnjjc wrote:
... Everyone is saying the rental market is slow but we've had some trouble finding something under 1600.00 that is pet friendly and near a Path. We have been told to walk around and look for "for rent" signs around.


Keep looking and keep waiting if you can. I've been monitoring things and I can tell you this:

- The inventory of rentals in downtown JC is increasing.
- 4 weeks ago it was somewhat difficult to find a 2 br rental in downtown JC for less than $1800, but now there are multiple listings at $1700 (many with half or no broker's fees) at the usual real estate agencies (Armagno, Del Forno, etc).
- a few blocks can make a big difference. 2 br rentals west of Jersey Ave can easily be had for $1600. The listed rent may say "$1700", but just pause or talk about the weather a bit and the realtor / landlord is sure to offer you a $100 haircut right off the top.

Having said that, you'll see that the housing stock in downtown Jersey city is diverse. Some apts are rat holes, some are mid-range, some are luxury, and of course, a good many are quasi-luxury.

Posted on: 2009/3/10 3:27
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Re: Is the rental market downtown crazy slow?
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newinnjjc wrote:
My husband and I are scouting Jersey City this weekend for apartments - want to get familiar with the neighborhoods but also want to see if there is anything better than the 7 same apartment listings we've seen on Craigslist. Everyone is saying the rental market is slow but we've had some trouble finding something under 1600.00 that is pet friendly and near a Path. We have been told to walk around and look for "for rent" signs around.



I would suggest looking into using a broker. My new apartment was a broker apt but the owner paid the fee. A lot of the rents are negotiable and if you do pay a brokers fee it should be no more than half a month. In the the long run it will be worth it.

also be aware,unless it is a new luxury condo, heat and hot water is not included. also most places require first month and a month and a half security instead of 1st, last and security. For 1600 you should be able to get a 1 bedroom with a den, washer and dryer within a 5-10 minute walk to the grove street path station.

Posted on: 2009/3/7 3:45
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Re: Is the rental market downtown crazy slow?
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Quote:

newinnjjc wrote:
My husband and I are scouting Jersey City this weekend for apartments - want to get familiar with the neighborhoods but also want to see if there is anything better than the 7 same apartment listings we've seen on Craigslist. Everyone is saying the rental market is slow but we've had some trouble finding something under 1600.00 that is pet friendly and near a Path. We have been told to walk around and look for "for rent" signs around.


$1600 for 1br or 2br? for 1br you can get something very nice in a good area easily. 2 br you need to do some digging.

Posted on: 2009/3/7 0:20
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Re: Is the rental market downtown crazy slow?
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Your other option is to go through a broker. I know it's not ideal, but they have a better inventory. That's what my husband and I ended up doing. But I definitely suggest walking around and look for For Rent signs. I honestly haven't seen a lot of them. A lot of people are going through Brokers.

Posted on: 2009/3/6 23:40
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Re: Is the rental market downtown crazy slow?
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My husband and I are scouting Jersey City this weekend for apartments - want to get familiar with the neighborhoods but also want to see if there is anything better than the 7 same apartment listings we've seen on Craigslist. Everyone is saying the rental market is slow but we've had some trouble finding something under 1600.00 that is pet friendly and near a Path. We have been told to walk around and look for "for rent" signs around.

Posted on: 2009/3/6 21:12
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Re: Is the rental market downtown crazy slow?
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My wife and I just got a two-bedroom, 1,250-sq-ft apartment in a certain downtown development that people either love or hate. It's a condo building, but we got this investor rental, and it's $2,200 a month. I think if it were two years ago, it would probably be at least $2,700.

Posted on: 2009/3/4 20:00
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Re: Is the rental market downtown crazy slow?
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my landlord is out of his fing mind. he is trying to rent my apt on 7th street for like $1786. yes it has parking but it is not worth that. I really think the walls are going to cave in one day.


I loved in two years ago and paid 1575 for the 1st year and for the 2nd year 1600 and then to stay the ass raises it by 186 bucks and tries to tell me it is a good deal. then again the house is going into foreclosure and the douche is trying to sell the house for $550,000 he has come down from $750,000 at least.


that apartment you pay for cold water too. I got a new apt with central air and heat, deck, huge bedroom, bathroom not in my bedroom(yes the only bathroom is in my bedroom) w/d, a den etc for 1590. i know i could have gotten it down to 1550 but eh we couldn't get a hold of the landlord and it's 40 bucks.


i have been watching rents plummet and my idiot landlord is trying to raise it. You should see the face of the people who come in. It is priceless.


Posted on: 2009/3/4 19:04
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Re: Apartments For Rent
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Quote:

wibbit wrote:
It is not the best time to buy in nyc/jc. Prices have not come down anywhere near enough. You have to understand the prices we have now is a result of 3-4 years of doubling fueled by total and unrelenting lending where anyone can get any house. All of this have now ended as you said yourself obtaining financing is tough now, on top of a complete salary crash on wall street.


Hyperbole much?

Posted on: 2009/3/4 16:07
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Re: Apartments For Rent
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It is not the best time to buy in nyc/jc. Prices have not come down anywhere near enough. You have to understand the prices we have now is a result of 3-4 years of doubling fueled by total and unrelenting lending where anyone can get any house. All of this have now ended as you said yourself obtaining financing is tough now, on top of a complete salary crash on wall street.

CA, FL, AZ does look cheap and have some good bargains. As a matter of fact i am going to orlando in may for vacation and more importantly look at some properties over there.

Rates are low...great. But that should not be the primary factor in making your decision.

Posted on: 2009/3/4 16:03
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Re: Apartments For Rent
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cmon wibbit

I have never said real estate doesn't go down. as a matter of fact I alway tell my ney sayer friends that in 7 years my entire portfolio could be worth a dollar but if the rents are coming in I dont care, As long as it doubles in 10-15 yrs im a happy camper.

It's actually the best time to buy in a long time. obtaining the financing is the tough part. home prices are down and rates are extremely low.

Posted on: 2009/3/4 15:01
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Re: Apartments For Rent
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NewHeights wrote:
In this market rookie investors need not apply. You will lose you're shirt


haha, yes newheights, you are pro!!! real estate never goes down, we should be buying at 2007, and buy more at 2008, and double the leverage and buy even more in 2009!!


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Posted on: 2009/3/4 7:34
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Re: Is the rental market downtown crazy slow?
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They have been showing the place next to me everyday twice a day for months. My building is new. Small and quite. The price (rent) has been lowered many times. The price of the place next door is $300 less than what I am paying now.

Market crazy slow? Hello. It is now a renters/ buyers market.

The place we live in are condo's. The owners would rather cover the cost than make a buck. The market will rebound. When? Know one knows. An owner would rather make payments and not make a buck than lose the damn thing.

If you are looking to rent, make an offer. If they say no, then move on. Let them get back to you.

I have asked my owner if she/he wants to sell. Now is the time.

Posted on: 2009/3/4 1:00
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Re: Is the rental market downtown crazy slow?
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There have been plenty of changes in the rental market over the past 6 months. I've noticed one interesting change in particular that has had a negative effect. Traditionally, tenants who plan on staying where they are would be expected to renew their lease for at least one additional year. With fincancial uncertainty building and rental prices having come down, many landlords have been more willing to consider tenants' requests to stay renting where they currently live on a month-to-month basis. This affords the tenants who do plan on eventually moving the luxury of taking much more time than they normally would in locating a new place. Without a finite timeframe for signing a lease, there is really no sense of urgency. Couple this with buildup of FOR RENT signs due to the number of condominiums which couldn't be sold (at least not for the intended sales prices) that are now rental units.....

It is correct that landlords who are working with brokers will be in a better position if they pay the fee (or, at least half at a minimum). Tenants are shopping for deals just the same as buyers, and they recognize the value in keeping their move-in costs at a minimum.

Posted on: 2009/3/3 21:39
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Re: Apartments For Rent
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In this market rookie investors need not apply. You will lose you're shirt

Posted on: 2009/3/3 17:11
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Re: Apartments For Rent
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jcity wrote:
We've had a 3 bedroom apartment available since mid-December. 2 blocks from Grove Path. Mercer Street.
Still empty. Talk about hurting....


Jeez, how many months rent do you need to lose before you admit you're overpriced for the market? There's no way holding out for months for a few extra bucks when you do rent is the more profitable plan.

Posted on: 2009/3/3 17:00
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Re: Is the rental market downtown crazy slow?
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Is that really extremely cheap? I pay $1150 in Harsimus Cove only 5 blocks from the path, and in a way better location (in my opinion) than Paulus Hook.

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wibbit wrote:
Quote:



that's because your rent is below market. 1250 for a 600sqf 1br in paulus hook is extremely cheap.


Posted on: 2009/3/3 16:46
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Re: Is the rental market downtown crazy slow?
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If you're priced right and have the right property manager / realtor listing the property you should be fine.

Landlords need to pick up the full months fee. Penny wise pound foolish. 3 months vacancy because you won't pick up the fee is just stupid.

I only have 1 vacancy in the area and thats because the tenant didnt give 30 days notice. Luckily he has 1.5 months security dep.


The Jersey City market is still way less expensive than the other boroughs.

What i'm seeing is alot of people from manhattan moving to downtown jc and hoboken and some downtown jcers and hobekenites moving to the heights etc.

thats what i've seen atleast

Posted on: 2009/3/3 16:40
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Re: Is the rental market downtown crazy slow?
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phDog wrote:
we have never had a problem getting our places rented in paulus hook. last night we found a tenant for a top floor, 600sf apt with a tiny bedroom and no W/D or dishwasher for 1250.


that's because your rent is below market. 1250 for a 600sqf 1br in paulus hook is extremely cheap.

You know the rental market is hurting when the high and mighty lefrak newport rentals are actively spamming the craigslist to peddle their fake luxury rentals.

Posted on: 2009/3/3 15:42
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Re: Is the rental market downtown crazy slow?
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we have never had a problem getting our places rented in paulus hook. last night we found a tenant for a top floor, 600sf apt with a tiny bedroom and no W/D or dishwasher for 1250.

Posted on: 2009/3/3 14:29
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Re: Apartments For Rent
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I do not know how much you're asking for that unit. I imagine larger units are more expensive and warrant occupancy by perhaps a family. A part of the reason why it may remain vacant could be the time of the year in conjunction with a sense of uncertainty in job stability. But keep in mind one bedroom apartments in Manhattan are still at the $2,500 a month range.

Posted on: 2009/3/3 14:13
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Re: Apartments For Rent
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We've had a 3 bedroom apartment available since mid-December. 2 blocks from Grove Path. Mercer Street.
Still empty. Talk about hurting....

Clay Cockrell
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Posted on: 2009/3/3 13:48
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Re: Apartments For Rent
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There does seem to be a lot of "For Rent" signs downtown JC. A One of my tenants moved out because she lost her job. However, filling the vacancy was not a problem. It seems there are quite a few folks from Manhattan and Hoboken looking to reduce their rental costs by moving to JC. I suppose its a consequence of a year of weak bonus in conjunction with a greater interest in saving money for the impending rainy day. There were a lot of people expressing interest in the apartment offering that explanation.

Posted on: 2009/3/3 13:07
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Apartments For Rent
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Is it just me? Or are there an awful lot of 'For Rent' signs around downtown JC?

Posted on: 2009/3/3 12:02
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