Manhattan apartment rents plunged last month by the most in nearly nine years. That’s only one sign of weakness for the borough’s leasing market.
By almost every measure, the news is dismal for landlords, who are trying to keep units filled amid a global pandemic that’s sparked an urban exodus.
July’s vacancy rate climbed to a record of 4.33%, according to a report Thursday by appraiser Miller Samuel Inc. and Douglas Elliman Real Estate. There were 13,117 apartments listed for rent at the end of the month, the most in data going back to 2006.
The median rent, with concessions such as free months factored in, plummeted 10% to $3,167. It was the biggest rate of decline in records dating to October 2011.
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{Matzav.com}
Its time for these greedy landlords to pay a price.
Greedy landlords?? They provide a service the same way the grocery store does. I don’t hear you complaining about the greedy food industry that’s raised prices on average of 13% during corona
So now its “only” most of your montly salary
Terrible. My heart goes out to the poor landlords. How will they survive? Should we start a charity campaign to support their families? How will they be able to afford their mid-winter vacation in Renaissance Island, Aruba? What about their car payments for the Model X P100D Tesla? Terrible.
Let’s take money out of your pocket and business and hear what you say then. They need to feed their families the same way you do
I hope and pray that the drooling sarcasm posted here is referring to landlords with illegal cellar and basement apartments. Most 6 story and below building owners have stopped or delayed in paying their vendors and taxes. That’s most of the Bronx. Those landlords sitting so comfortably in the Catskills are taking cash payments for their cellars and basements – go after them!
These are the signs before it hits the middle-lower class. First the “rich” landlords can’t fill their vacancies, which causes them to lay off their staff. Who now don’t have jobs so they cannot pay their mortgages.
Stop bashing the people who have more than you and realize we all affect each other.
You may just be jealous they have more than you, but we are all part of the same economy. When they lose money and stop spending big, it effects everyone down to grocery stores.
And who said they have more than you anyway? They have a building with a mortgage and obligations and expenses like any other business
found the rich person ^^^^
Keep in mind that if vacancy reaches 5% then many of these draconian rent control laws are off.
#5, it has nothing to do with bashing the rich. Anyone that makes money , good for them, nobody is jealous. But when landlords take advantage and inflate the value of real estate that’s a whole different story. Eventually real estate crashes when prices are too high and those that took advantage of the situation needs to be held accountable
Need to get rid of rent stabilization. Food is not stabilized. Household products are not stabilized. Why rent? They are all necessities
You knew that going in, but like the rest of them you were greedy and you had wild dreams of joining the ranks of the rich and famous. It was YOUR choice to purchase a building. Now that you have it, live with it. Stop kvetching to the amon am. You won’t be getting any sympathy here. Real estate owners are not viewed favorably by the majority of hard working chevra. The perception out there, correct or not, is that these well-connected guys purchase properties and then hand off the management to others, and then sit back and watch the cash flow in unabated. Go on exotic vacations, build monster mansions, have the latest cars and toys the world has to offer, marry off their kids to only the exclusive besereh menschen. Yes, it’s the same with investing in any business. There are always risks involved. Everything is from shomayim. You want more, daven more. Over and out.
Tzedoko Tatzil Me’Moveouts.