LAST week I received an email from a reader who shared that the rent on her 3-br was recently increased from $6,900 to $7,900 a month. ‘Interesting data point’ I thought whilst simultaneously calculating in my head its equating to a 14.5% boost and wondering ‘I’ve seen the recent “Highest NYC Rents Ever” headlines of the past month, but what other local semi-anecdotal data points are available out there?’
Well let’s start in the building where the 3-bedroom is located, TF Cornerstone’s 47-20 Center Blvd. Last week a renovated western-facing 2-br was offered for $6,450, it is no longer available so assume that is the price where it cleared. Meanwhile an unrenovated western-facing 2-br in the Citylights building is currently being offered for $5,300, ‘Which may or may not clear’ I thought to myself whilst channeling Stephen Ross and simultaneously calculating that being a 17.3% discount for the lack of renovation and not having an Asian Fusion restaurant and liquor store at your front door. Completely muddling the mix despite the transparency of their site, Avalon Riverview North advertises a range of 2-br availability in the upcoming months between $5,500 and $6,200, while Jackson Park’s website reveals zero availability but a data point on Streeteasy shows a recent 2-br having rented for $5,625.
However shocking any rental increases may seem, they are blown away by what’s happening in the very similar relatively new towers in Miami. According to a story in the WSJ today, they are doubling off the lows of the pandemic due to an influx of high rent, high tax refugees, primarily from NYC. Of course all of these data points and trends could get stale in a hurry were the real estate markets to take a page from the financial markets. We’ll see…
//A big deal? The ownership of a plot of land called Lake Vernon seems to have been settled. Whether that will lead to action in light of the recent downturn in financial markets is anyone’s guess. Though it does make coordinated action with the adjacent plots somewhat less likely in my opinion, especially in light of today’s announcement that the developer of the Paragon Paint Building has applied for a variance. Yet other moonshots are still possible in the crazy politics of the 2020’s, we’ll see…
Avalon Riverview North – great transparency
One-Bedroom Rents Soar At Major NYC Subway Stops – typical incendiary headline, not very informative though
Miami Locals Are Steamed At New York Locals Driving Up Rents – who’s your daddy?