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Re: Is the rental market downtown crazy slow?
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Well, I hope you're wrong, Brewster. I've never actually had to look for a tenant for our place on Third Street. Always either rented it to a friend, or lived in it ourselves. Now that I have to look, it's kind of intimidating.

Posted on: 2008/11/7 14:18
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Re: Is the rental market downtown crazy slow?
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I recently rented out my Hoboken condo and rented a place for me + the bf in Hamilton Park. Apt hunting was an absolute pleasure... lots of great stuff to see.
Renting was a bit hairy, took over 2 weeks to find a tenant, which for Hoboken is HIGHLY unusual, and I did have to drop the rent $50 as Brewster is considering. I did not, however, rely on craigslist. I used 2 Hoboken websites + The Hoboken Repoerter to advertise the place. While I did get a lot of phone calls on it, the people who came to see it appeared to be doing more "browsing" than serious hunting. I advertised it myself because I assumed no one would be into paying a realtor's fee and that using a realtor would really hold things up.
***wrong! wrong! wrong!** Should've used a realtor from day 1. They can weed out the nonserious lookers and my time is not wasted. Once I got a good realtor involved, it took 3 days to find a tenant, and the tenant paid the realtor's fee, not me. So there's some interesting food for thought.

Posted on: 2008/11/7 13:56
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Re: Is the rental market downtown crazy slow?
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Has the rental market slowed? Absolutely, as everything else has. Crazy slow? No, I don't think so. Rentals are much harder to track than sales are since the majority of them are not on the MLS so it's always hard to say.

But I definitely have noticed that now that lending has tightened and less and less people can get loans, more are renting. History has shown that the rental market *usually* goes in the opposite direction of the sales market, which makes sense. People still need to move, it's just a matter of which is smarter at the given time, renting or buying.

In addition to that, though there are a lot of people still shopping around, the kicker is that many are not moving on anything. It's kind of like things have halted in many degrees and most people say they're waiting to see how things pan out on Wall street and of course the election. Consumer confidence is incredibly low right now.

But as always, things priced to market are moving. We sent out our October report and it was a stronger month than September especially in terms of volume. Unlike a lot of places where NOTHING is moving AT ALL, correctly priced property is moving in downtown and especially in Hoboken. But 2005 is long gone and hopefully won't ever come back.

Posted on: 2008/11/7 3:29
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Re: Is the rental market downtown crazy slow?
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FWIW
From what I've been told, the management company did re-do over half the units (maybe around 2003) but most of the rest of the places (the co-ops) are often way more run down and hence are much cheaper -- and maybe you saw a freshly re-done place by the management company and keep in mind that it was a one bedroom and not a studio.

But I may well be wrong...

Quote:

ansky wrote:
FWIW, I looked at a 1BR apartment in Metropolis back in 2003-2004 and it was $1350.

Posted on: 2008/11/7 2:03
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Re: Is the rental market downtown crazy slow?
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Quote:

GrovePath wrote:
Wibbit,

The Metropolis Towers is a really bad example - it was built way back in the 1960's -- it has always been among the cheapest rentals Downtown. Posters always point out that the decks lean way down, that there are roaches & mice -- and a bunch of units just went up for sale at an IRS auction really cheap.

I think the studios in there have only ever rented for $1250, but I do agree that there has been a loss of jobs on the waterfront!


FWIW, I looked at a 1BR apartment in Metropolis back in 2003-2004 and it was $1350.

Posted on: 2008/11/7 1:54
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Re: Is the rental market downtown crazy slow?
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It is always true that November through March is always the slowest rental time of the year -- But Alb, I just looked on Craigslist and the ONLY 2 Bedroom for rent at Grove Pointe on the whole site is $3200 per month.

http://newyork.craigslist.org/jsy/abo/907346566.html

Quote:

alb wrote:
...I saw a flier for a 2-bedroom apartment in Grove Pointe for something like $2,600 per month...

Posted on: 2008/11/7 1:37
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Re: Is the rental market downtown crazy slow?
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Hey Man....I am actually looking to move in the next month or two...I might very well be interested in the apt you mention...Please contact me...Thanks

Posted on: 2008/11/7 1:35
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Re: Is the rental market downtown crazy slow?
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Idea: put "real fresh apartment, not old spam" in subject line, so people know it's not a spam fake. Maybe people are burning out because of the spam.

Also: I saw a flier for a 2-bedroom apartment in Grove Pointe for something like $2,600 per month. Maybe the renter is rich and doesn't need to get a whole lot, and maybe the unit is a crummy unit, but that sounds like a pretty good deal to me.

If the number of ads for cheap units has dropped, that could be because demand is strong, but it could be that the brokers can't afford to advertise them as well, or that brokers are marketing them through some Web site other than Craigslist that people here aren't mentioning.

Example: I haven't looked that hard at Google ads lately, but does it have apartment ads on there somewhere.

Posted on: 2008/11/7 0:55
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Re: Is the rental market downtown crazy slow?
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Quote:

SLyng wrote:
Edit: Brewster, $1100/mo seems pretty reasonable, unless it's in a really sh*tty neighborhood...


I don't think so, 7th & Coles. I really try to put everything I can into the ads, photos inside and out, layout drawing w room dimensions.

The current tenants have been there for like 6 years with minimal rent hikes, so we raised it 10% to the $1100 figuring it should go, we have another similar unit renting for that, albeit on the 2nd rather than 4th floor.

I guess we'll have to reduce the asking for it and another slightly less nice unit for which we're asking $1050. It's just not worth losing a months rent to gain the equivalent of a months rent on the lease. Most of our tenants don't stay more than 1-3 years anyhow, they're young and move on to larger places when they make more money or move in with their fiances.

Posted on: 2008/11/7 0:32
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Re: Is the rental market downtown crazy slow?
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Quote:

wibbit wrote:
designknob wrote:
I can't imagine why the rental market would be slow. Seriously. Maybe the $3,000+/per month places, but there is a lack of $1500 range places. Since no one dares buy anything (even if they can), it stands to reason that they would rent in the interim. Just open the Jersey City Reporter. You will be lucky to find 3 listings. About a year ago, there were easily 15 or more.

are you kidding...it's not that the target population is switching from buying to renting, the problem is the population size is cut significantly. So demand dropped.

It's crystal clear the writings are on the wall. Just look at metropolis tower (270/280 marin) in paulus hook, a year ago you are lucky to find a rental there. Now they are actively advertising their rentals, you can get a studio there now for only $1250. This is one of the most popular rentals due to the location, and a good barometer.


No, I'm not kidding. I don't know anyone who lives, or would want to live in the Metropolis Towers. My point, if you read the post is that there are not a lot of "cheaper" brownstone type rentals in the $1500 range. There are a TON of $3,000+ rentals in those new units. Just look at the listings as I stated in Sunday's JC Reporter. Compare the amount of say $1700 and under listings with that of a year ago. I remember seeing columns and columns of listings. You will be lucky to see 4 or 5 now.

Posted on: 2008/11/7 0:32
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Re: Is the rental market downtown crazy slow?
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No doubt the rental market has slowed. Rentals in Manhattan have dropped for the first time in the memory of many renters. I know several people who have abandoned their out borough housing to take advantage of the falling Manhattan rental market.

Posted on: 2008/11/7 0:22
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Re: Is the rental market downtown crazy slow?
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Quote:

GrovePath wrote:
Posters always point out that the decks lean way down, that there are roaches & mice -- and a bunch of units just went up for sale at an IRS auction really cheap.


Grove, weren't we supposed to go Halvesies on that unit?! Whatever happened to those auctions. Curious what the right price is for a 500sq foot roach infested studio owned by the IRS...can't be much!!

Anyway, I agree w/ Wibbit, that the rental market will not be taking off for quite a while. Lot of job loss, less demand to buy, so the guy trying to sell is stuck with a place they don't really want and what's the next best thing to do? Rent it out. But if you can't find a renter, ya gotta lower the price. I can't tell you how many places I've seen around Paulus hook either for sale or rent and a few that were formerly for sale, that are now for rent.

Of course, judging from what I pay, I can tell you most of the fliers i've seen for the Paulus Hook Apts are unrealistically high. Just b/c someone bought a place for too much, doesn't mean you need to cover their high mortgage payment!

Edit: Brewster, $1100/mo seems pretty reasonable, unless it's in a really sh*tty neighborhood...

Posted on: 2008/11/7 0:08
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Re: Is the rental market downtown crazy slow?
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Wibbit,

The Metropolis Towers is a really bad example - it was built way back in the 1960's -- it has always been among the cheapest rentals Downtown. Posters always point out that the decks lean way down, that there are roaches & mice -- and a bunch of units just went up for sale at an IRS auction really cheap.

I think the studios in there have only ever rented for $1250, but I do agree that there has been a loss of jobs on the waterfront!

Posted on: 2008/11/6 23:35
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Re: Is the rental market downtown crazy slow?
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Quote:

designknob wrote:
I can't imagine why the rental market would be slow. Seriously. Maybe the $3,000+/per month places, but there is a lack of $1500 range places. Since no one dares buy anything (even if they can), it stands to reason that they would rent in the interim. Just open the Jersey City Reporter. You will be lucky to find 3 listings. About a year ago, there were easily 15 or more.


are you kidding...it's not that the target population is switching from buying to renting, the problem is the population size is cut significantly. So demand dropped.

It's crystal clear the writings are on the wall. Just look at metropolis tower (270/280 marin) in paulus hook, a year ago you are lucky to find a rental there. Now they are actively advertising their rentals, you can get a studio there now for only $1250. This is one of the most popular rentals due to the location, and a good barometer.

Posted on: 2008/11/6 23:25
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Re: Is the rental market downtown crazy slow?
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What about storefronts Downtown? Are they renting?

2 Storefronts near us just went on the market - they are near Monmouth. (I checked and one is by owner $1275/sign says 201.282.7320 -- While the other is renting for $1800+ some kind of an American Realty Fee)

Otherwise, I don't see any storefronts for rent on Newark Avenue Downtown...

Oh yeah I forgot -- the old gun store location is still up for rent, but that is a good thing!

I hope Obama getting us out of Iraq will help the economy.

Posted on: 2008/11/6 23:01
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Re: Is the rental market downtown crazy slow?
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I have definitely noticed a lot more for rent signs downtown. When I was looking for an apartment last summer, I couldn't find anything less than 1500 downtown so I had to use a broker . Still, given the affordable price and location I'm surprised people aren't jumping on it. Good luck renting it out.

Posted on: 2008/11/6 22:48
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Re: Is the rental market downtown crazy slow?
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I can't imagine why the rental market would be slow. Seriously. Maybe the $3,000+/per month places, but there is a lack of $1500 range places. Since no one dares buy anything (even if they can), it stands to reason that they would rent in the interim. Just open the Jersey City Reporter. You will be lucky to find 3 listings. About a year ago, there were easily 15 or more.

Posted on: 2008/11/6 22:14
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Re: Is the rental market downtown crazy slow?
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Ironically, my rent has just gone UP for the first time in 5 years (now $1300 for a 1BR).

Posted on: 2008/11/6 21:23
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Re: Is the rental market downtown crazy slow?
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those spammers are annoying, they are basically using craiglist to bump up their website's ranking on google. But the lack of interest on your rental has nothing to do with craigslist, it's all fundamental.

The main population which rents in downtown jc work around the jc waterfront, newport, and manhattan financials to a lesser extent, i would say the workforce in those areas have been cutdown by more than 50% in the recent few months or maybe weeks. Goldman just started their layoffs this week. In addition, there's paycuts and little bonus for the employees still working there, it all adds up.

One of the best thing you can do right now if cant find a tenent, is to offer a month to month or 3/6month contract instead of the standard 1 year. As many people working around here are uncertain of their future noone is going to sign a 1 year contract, but a shorter term contract which they can get out of if got fired would be attractive.

If you think the rental market is bad, checkout the real estate market. Ask the guys at 77 hudson how their 600k 1br sales is doing ;)

Posted on: 2008/11/6 21:19
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Re: Is the rental market downtown crazy slow?
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Quote:

brewster wrote:
I'm a little startled that for the first time in a long time I've gotten almost no responses to a craigslist ad for an under $1100 1 bedroom downtown. Last year they were calling as soon as the ad was up! Has the market shifted that radically?

I must also say, Craigs is doing a crappy job of reigning in the spamming realtors. There's one crew, Prudential Sussex Realty, reposting the same set of ads every day.


I would imagine the rental mkt has slowed down a ton - Lots of condos people want to rent, lot of people losing their jobs, etc.

As for your second comment, I noticed the same thing when looking at their real estate for sale section. A company called New York Living Solutions (NYLS) always is spamming that board. It makes it impossible to find "real" condos for sale. I used to flag them as "overpost" but there are far too many these days to do that...

Posted on: 2008/11/6 21:12
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Is the rental market downtown crazy slow?
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I'm a little startled that for the first time in a long time I've gotten almost no responses to a craigslist ad for an under $1100 1 bedroom downtown. Last year they were calling as soon as the ad was up! Has the market shifted that radically?

I must also say, Craigs is doing a crappy job of reigning in the spamming realtors. There's one crew, Prudential Sussex Realty, reposting the same set of ads every day.

Posted on: 2008/11/6 21:04
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