Younger Renters Priced Out of Murray Hill's Better Buildings
Rents in doorman buildings in Murray Hill went up across the board in 2007 according to a report released today by the Real Estate Group New York.
Through 2007, average rents in doorman buildings rose by 11.5 percent for studios to $2,578; by 9.6 percent for one-bedrooms to $3,514; and by 10.3 percent for two-bedrooms to $5,190. Though there are still bargains to be found in non-doorman buildings in the neighborhood--studio rents decreased 1.4 percent to $2,084 and one-bedrooms fell by 4 percent to $2,768--the report concluded that younger tenants have found themselves in competition with "more financially established New Yorkers."
Thats absurd.
ROASSSSST.
reeaaaaallllyyy???
ewwwwwwwww.
looks like next year there will be many a nights of the moo financial plan
are ding prices going up too?
Duh -- THIS is news ? This is so yesterday's news. Rents in Murray Hill, Kips Bay and Rose Hill have been spiraling upwards since luxury decontrol began, as many rent stabilized apartments in older buildings hit the @2000 mark, while new rental buildings have rents so silly as to defy the imagination, and the owners went crazy allowing apartments to be subdivided to cram as many paying people as possible.
Combined with the young people flocking to NYC for grad school/med school/or other jobs who wanted to live in these 3 areas, but who could not afford the rents by themselves, many of these same buildings now resemble dormitories as 3 and 4 folks pile into 1 and 2 bedroom apartments, rent-supported by their parents, and then complain as the rents get higher and higher. These are the same folks by the way who are seen every night along 3rd Avenue from 24th street to 40th street in a repeat of the singles scene / pubcrawl from the '80's and who have changed dining out in the area to an unpleasant experience for anyone over 40.
These are not sour grapes i am writing about -- they are the facts of a changing real estate scene out of control.