The Fall of the Wall?

Here in NYC, we live in a housing market that already has low supply and high demand. Thereforre the rents are above average when compared to the rest of the country. To offset this and find a way to reap the benefits of living in Manhattan, many renters when looking for doorman buildings, have resorted to putting up temporary pressurized walls to create second or third bedrooms. This makes a $3500 one bedroom now affordable for two young professionals who can really only afford $1700 per month in rent.

This will soon be a thing of the past. This year, many landlords are no longer allowing walls to be erected and many are even going so far as to having existing walls removed. What many are being told, which is in compliance with a Department of Buildings code, is that they can only put up a partition or shelving unit which results in obviously, less privacy. The effect of this is massive, as many new tenants in the city rely on doorman buildings for the obvious benefits of security, as well as the convenience of on site staff for everything from repairs to package/dry cleaning reception. Few are the new hires who can come right out of college and afford a $3500 one bedroom at 40 times the monthly rent on thier own.

Many renters are now being forced to consider other areas of the city such as Washington Heights, Harlem, Long Island City and Brooklyn in order to get the same luxury at a more affordable price. The old "boundaries" of what was once deemed a safe area to live are being pushed further and further outwards and upwards with each week.

Want to live in Manhattan and get a doorman? Find a roomate!

Hey all,

I had to take a month off from writing during my birthday month. It's still quite busy although not the usual frenetic pace the summer yields. Here is a post that is quite relevant for the time and market we are currently in.

This is the time of year where people can usually get the best deals. If they are new to the city and feel the need for a doorman building, the landlords are offering more concessions this year than I have seen over the last four years. If you click on the title of this post, you will see the most recent market report for this year on the average rental rate.

The rents are not dropping as much as people think. The only size apartment that has dropped across the board is a one bedroom. This makes for an interesting situation. While many landlords are no longer allowing temporary walls to convert the apartments into a two bedroom, the ones that still are will yield some great options.

No matter how you slice it, the average person needs to spend between $1800-$3000 to live in the city these days. Occasionally, there are some options to be had for less if you sacrifice a little living space in the apartment or location of the building.
I am finding some convertible apartments in doorman buildings from $2500-$2850. However, there are only 7 in the entire city right now. Generally, to do this you will find more results in the $2800-$3800 range.

It's always best to have one roommate rather than two. Think of the old saying, "too many cooks in the kitchen". It can delay the process and cause you to lose that perfect place if all parties are not on the same page with needs, viewing times and paperwork. The link will show you what the averages are, but with a crafty veteran like me on your side, we may be able to negotiate a better deal if your timing is right!