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.
Read the 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.
California plans to bury El Niño’s downpour
If the state plays its cards right, it may be able to store a billion acre-feet of El Niño’s water in aquifers.
Chicago breaks ground on $3 billion megadevelopment
The new neighborhood, titled Foundry Park, will one day host 3,700 residences.
Satanic place names
From streams and lakes to valleys and canyons, I mapped more than 1,000 places named after the Devil.
California High-Speed Rail Authority CEO resigns after $600,000 scandal
Under Ian Choudri, the authority used taxpayer dollars to fund first class flights and trips to nightclubs.
Want to study the Missouri River? Soon, you may need unanimous approval from 10 states
Legislation would require 10 governors’ permission to study or build projects moving water outside the basin.
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.
City of Rosemead
Rutgers University, Edward J. Bloustein School of Planning and Public Policy
One Hundred Miles
Hunter College, City University of New York (CUNY)
The Architects Foundation
University of Cincinnati Online
City of Cambridge
Montrose County
The Pocatello Development Authority