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
The Mall Is Dead — Long Live the Mall
The American shopping mall may be closer to its original vision than ever.
Report: Las Vegas, Houston Top List of Least Affordable Cities
The report assesses the availability of affordable rental units for low-income households.
Adaptive Reuse Bills Introduced in California Assembly
The legislation would expand eligibility for economic incentives and let cities loosen regulations to allow for more building conversions.
Video: Making Transit Better
How trackless trams and other innovations can make U.S. transit more efficient.
LA-to-San Francisco Night Train Closer to Reality
A train operator has entered into formal negotiations with Union Pacific to move the project forward with a projected launch date of 2025.
Lawsuit Aims to Stop Dodger Stadium Gondola
A proposed aerial tram project that would shuttle visitors to L.A.’s Dodger Stadium faces backlash from environmental and community groups.
City of Yakima
City of Auburn
Baylands Development Inc.
HUD's Office of Policy Development and Research
Mpact Transit + Community
HUD's Office of Policy Development and Research
City of Birmingham, Alabama
City of Laramie, Wyoming
Colorado Department of Local Affairs
Urban Design for Planners 1: Software Tools
This six-course series explores essential urban design concepts using open source software and equips planners with the tools they need to participate fully in the urban design process.
Planning for Universal Design
Learn the tools for implementing Universal Design in planning regulations.