Rents for UWS Studios are Rising Fast, New Report Shows

The latest monthly rental report from real estate firm MNS shows that rents rose last month for some types of apartments, while others saw drops.

In particular, studio apartments are getting pricier. Studios in buildings with doormen rose to an average rent of $2,872, up from $2,765 in June. And studios in buildings without doormen rose to $2,294, up from $2,193 in June.

Two-bedrooms in buildings with and without doormen saw price declines, and are also down on a year-over year basis. One-bedrooms without doormen rose last month, while one-bedrooms with doormen fell.

Here are the averages:

The report includes listings that are on the market, except for those over $10,000, which MNS says will distort the overall averages. That leaves this new building on 80th out.

NEWS, REAL ESTATE | 33 comments | permalink
    1. Sean says:

      At these prices, I guess no one is looking to rent for 40 years and write a novel.

    2. ST says:

      It’s the L train shutting down. The Hipsters are arriving.

    3. Tom Lee says:

      Greedy landlords! They are pushing out businesses and residents.

      Between rents, scaffolding, real estate taxes and rising prices for everything NYC is spiraling out of control.

      Where is DeBlasio!? He is not helping the homeless, nor the poor, nor the middle class nor anyone but corporations and his own pockets.

      • MQue says:

        How can you say greedy landlords when you stated why rent has to increase, It’s all about real estate tax’s! Real estate tax shot up tremendously this year

        • Tom Lee says:

          The rent for a two bedroom for a family of three or four – $6,180 – is way more than the real estate taxes!

          Combine all these costs going up and it indeed becomes insane.

          But greedy landlords is what people have said time and again is the root of businesses closing and now families being evicted.

          Where is DeBlasio? I understand prior mayors ran the city for the wealthy but I thought DeBlasio was different, that he was going to look out for the bottom half and make NYC a city for all of us, not just folks who can afford $6,180 for a two bedroom.

          Well maybe Ocasio-Cortez will.

      • Sherman says:

        If people are willing to pay these prices then please explain how the landlord is “greedy”.

        If someone can’t afford these rents or simply choose not to then they can live in another part of the city that’s less expensive.

        • Bruce E. Bernstein says:

          landlords don’t have to move apartments out of the rent stabilization system. they make money on the stabilized apartments, as i’ve documented many times. But they move the apartment out of the system to make “super profits”.

          Another example of landlord greed is the harassment of tenants to get them to move, particularly senior citizens. the landlord is willing to take unethical actions — sometimes legal, sometimes illegal — to make more money. certainly that qualifies as “greed.”

          harassment of tenants is very common on the UWS.

          • Sherman says:

            Hi Bruce

            You can believe all your warped studies if this makes you happy.

            In any case landlords are not the “greedy” ones.

            The “greedy” people are certain folks who believe they have a divine right to pay low rents and have hard working families subsidize them 😏.

            Sherm

            • Bruce E. Bernstein says:

              Sherman, you are once again displaying extreme ignorance — proudly, it seems — about basic economics, how NYC government regulations work, and so on.

              Sherman said:

              “You can believe all your warped studies if this makes you happy.”

              Apparently you have no idea what the Rent Guidelines Board is, why it issues annual reports, and so on. I would hope you would be curious enough to find out.

              Sherman said:

              “The “greedy” people are certain folks who believe they have a divine right to pay low rents and have hard working families subsidize them.”

              If you believe that market rate tenants “subsidize” rent stabilized tenants, you do not understand basic economics. It has to do with the division of the social product, not “subsidies.” read your Adam Smith!!

              the majority of people in rent stabilized apartments have moderate incomes, many are senior citizens on low income. It appalls me that you call these people “greedy.” And they don’t all pay such low rents.

              My guess is you’re paying $5K or $6K a month (or more), which means you are high income. Stop waging class war against working class people and retirees.

          • Tom Lee says:

            Absolutely.

            You read about it time and time again and see it when walking around the city as stores continue to close and families continue to have to move.

            What is DeBlasio doing about this?

            We have a terrible situation in our hands with education not improving, transportation being a nightmare, the homeless increasing in numbers, the costs of healthcare and housing going up and up, taxes in NYC and NY state continuing to rise,…

            • Rob G. says:

              Tom Lee,

              De Blasio may be the most polarizing and divisive mayor in NYC history, but even he can’t be blamed for high rents. He is not king nor does he possess magical powers.

              Just what are you expecting him to conjure up here?

            • Bruce E. Bernstein says:

              Rob G. said:

              “De Blasio may be the most polarizing and divisive mayor in NYC history”

              Apparently you didn’t live here through the Giuliani era.

              And if DeB is so “polarizing and divisive”, why did he win re-election in a landslide, with a much higher percentage vote than Bloomberg or Giuliani.

              Maybe you mean that YOU don’t like him.

            • Rob G. says:

              Bruce E Bernstein, of course I don’t like De Blasio, that’s why I made my comment.

              As far as Giuliani being polarizing, I can only assume you are you referring to criminals being upset with him for being tough on crime. Oh, and Al Sharpton didn’t like him either.

              Perhaps you didn’t live here in the 1980’s, when you had to carry “mugging money” and look over your shoulder almost everywhere you went.

              The safety, quality of life, the arts, infrastructure, and overall desirability of living in the city vastly improved under Giuliani and continued under Bloomberg.

              De Blasio, however, came in on a class-warfare and race-baiting platform that demoralized the NYPD, punished the wealthy, and made the average, Working Joe feel unwelcome in their own city.

              He’s toned down some of his militant rhetoric, but the damage is done. And to make matters worse, the city if falling apart again.

              Sounds to me like you’re strangely happy about that.

      • Jeff Berger says:

        This is not about greedy landlords or corporations. I own an apartment on the UWS on 86th Street. I fled NYC to get away from the high taxes, rising crime and grunge (welcome back 1970s) and an out of control progressive community. The last straw was when a local store put up an North Korean style propaganda sign “STAY WOKE”

        I now live in a nice, quiet, red state with no income tax and low cost of living. I rent my apartment for market rate and I have the right to get the highest rent that the market will allow. That is not greed, its making money on your investment.

    4. West88 says:

      Rents have gone DOWN on the UWS over the last few years. With the decline in rents, markets going from seller to buyer, influx of inventory, and the impending tax policy that will see caps on property tax deductions, the market is slumping. Our landlord dropped our rent $150 after the unit above us sat on the market for months. Now is the best time to be a renter, esp on the UWS.

    5. PaulCons says:

      In a fairly typical non-doorman building, a landlord’s costs for a studio are about $800-1000 per month. Do the math, that over a 200% profit margin. And yes, I know what I am saying, I have been on a co-op board for the past decade, so I know exactly what expenses go into maintaining a multi-unit building in the city (specifically Manhattan).

      • Bruce E. Bernstein says:

        PaulCons, good point.

        In the large (240 unit) doorman condo where where i live, real estate taxes have indeed gone up… all the way up to about $400 per month on a two room (one bedroom) apartment. All other building expenses other than mortgage are covered by common charges, which, even in our very well staffed building, are on the order of $650 per month for a one bedroom. So about $1,000 — $1,100 for a on bedroom apt, not counting the mortgage.

        if landlords are not making money, it is because they are overly mortgaged. But i think most landlords in older rental buildings are making loads of money.

        the rent guidelines board offers an annual study of net operating income on rent stabilized units. this has been going up and up. in 2016 (latest data), it was $1,000 per unit per month.

        https://www1.nyc.gov/assets/rentguidelinesboard/pdf/ie18.pdf

    6. Wendy says:

      I feel bad for people today trying to find an apt. in NYC. Who can afford nearly $3000 a month for a 400 square foot apt? You can rent a fabulous place outside the city for that $$ and have a lot left over for Uber to chauffeur you into the city. These are not normal prices, folks. Except maybe in Hong Kong, San Francisco, and London. #Insanity.

      • imlovingit says:

        I hate to tell you but these are very normal prices. I moved to the UWS nearly 5 years ago from another part of the country and I live in a studio. I was well aware of the cost of living in this city and the income I needed to support myself. Had I not been able to earn that income, guess what, I wouldn’t have moved here. I pay nearly $3000 for a studio apartment in a “full service building” and I feel like its a pretty good deal given the other apartments I have toured over the years in the neighborhood. My rent has increased 2.6% on average over the last 5 years, a below market increase. NY is EXPENSIVE and thats that. It will never move in the opposite direction. Residents here pay a premium for the lifestyle and amenities that the neighborhood has to offer. Can’t afford it? Then logic and math would tell you to search elsewhere for an apartment.

        • dannyboy says:

          Your entire comment is written from the perspective of a person deciding to move to NYC.

          You must have noticed that there are millions of people who live here, you know like it’s home.

    7. B.B. says:

      Two bedroom units are (or were) in high demand by families with one or more kids.

      However at asking median or average market rate rents landlords are in competition against home ownership.

      Those who can afford to pay asking rents for two bedrooms often can also swing a mortgage. Rates are still at historical lows and not everyone is afraid to move out into suburbs. You also have a good supply both in Manhattan and Brooklyn of new development (condos) with large “family sized” units.

      Finally as many of us know very well, what landlords consider or market as a two bedroom often leaves much to be desired.

      Often you have apartments with weird and or awkward layouts. This is result of a large one bedroom or whatever unit being chopped up to create another bedroom.

      People looking for a Classic Six (or Seven) (the gold standard for two or three bedroom apartments) rental are often sadly disappointed.

    8. Supply and Demand says:

      There’s no need to point fingers over a solveable problem like the ridiculously high rents in this city. If more people want to live here than there is housing supply, rents will be high.

      There are two options: either build more housing or make the area less appealing. I would suggest building more housing.