New York City is seeing an adjustment in the rental market as landlords struggle to compete for renters in a suddenly crowded market.
Oshrat Carmiel reports on falling rents in New York City, especially in the borough of Queens, where rents have fallen 12 percent from a year prior.
A report by appraiser Miller Samuel Inc. and brokerage Douglas Elliman Real Estate surveys the New York City rental market, finding renters leaving Manhattan and Brooklyn in many cases to rent in the cheaper parts of Queens. While rent dropped in Queens, the number of rental leeses actually climbed. "New leases in northwest Queens -- Long Island City, Astoria, Sunnyside and Woodside -- jumped 11 percent to 272, the firms said," according to Carmiel.
According to Carmiel, the shifts in the rental market are caused by new supply.
Landlords, who’ve accepted they need to compete to keep their units filled, are working to attract new tenants and offering sweeter renewal terms to keep the ones they have….In Manhattan, 44 percent of all new leases came with a landlord concession, such as a free month of rent or payment of broker fees. In Brooklyn, the share was 51 percent, a record for the borough.
So it's not just Queens that's seeing falling rents. Manhattan and Brooklyn Rents also fell.
FULL STORY: Free-Falling New York Rents Plunge 12% in Queens
Miami Housing More Expensive Than New York City, Report Says
New data shows stratospheric housing costs in cities not named New York.
As Vacancy Rates Climb in New York's Rental Market, Landlords Blame New Rent Control Law
Vacancy rates in New York City have climbed to unexpected heights in 2020, and landlords aren't pinning all the blame on a pandemic-induced urban exodus.
Landlords Offering New Concessions to Renters
In the midst of a historic eviction crisis, renters with the privilege of affording rent suddenly have the leverage for concessions from landlords, like free parking and other perks .
Planetizen Federal Action Tracker
A weekly monitor of how Trump’s orders and actions are impacting planners and planning in America.
The state-sanctioned urbicide of Austin
People don’t kill cities. Freeways do.
US to reduce Colorado River water deliveries to Mexico
A new Colorado Treaty amendment reduces Mexico’s Colorado River water allocation by 250,000 acre feet.
Baltimore to break ground on $50 million Transit Priority Project
The project will bring faster bus trips, safer streets and better bike connections to Baltimore.
Airbnb launches $250 million 'last-dollar financing' housing accelerator, makes first investment in Austin
The company will put $6.4 million towards affordable housing development in Texas’ capital.
Guerilla urbanists are building DIY bus stop benches in Chicago
A before-and-after of one of the bus stops with a new bench. The new benches are not officially sanctioned or permitted, but the residents who placed them hope they will be the start of a network of DIY benches across the city.
FREE Course: Walkable City 1: Why Walkability?
After describing his path towards focusing on walkability as the essence of good planning, Jeff Speck marches through his five principal reasons for making more walkable places.
Reinventing Malls: Planning Alchemy—Turning Gray Fields Into Gold
The course focuses on the opportunities and imperatives that shape reinvention of mall sites.
Eagle County Government
Harvard University Graduate School of Design
Nashville Planning Department
The Architects Foundation
University of Cincinnati Online
The Pocatello Development Authority
The Urban Renewal Agency of the City of Pocatello
Journal of the American Planning Association