Manhattan Rentals

T

trader1

#1
#1
Does anyone have experience with this and or thoughts...
What would be a reasonable expectation of rent concession on a studio or one bedroom apartment ( east side, midtown) when comparing last years asking price to today’s? .. previous asking price appx 2500-2800 for a one year lease...

in addition, is it normal for landlords to require annual income of 80x rent? This was presented to me.. ie. 2,000 a month rent would require 160,000 in annual gross income.. I thought this was quite high..
TIA for thoughts....
 
T

The Cocksman

#2
#2
trader1 said:
Does anyone have experience with this and or thoughts...
What would be a reasonable expectation of rent concession on a studio or one bedroom apartment ( east side, midtown) when comparing last years asking price to today’s? .. previous asking price appx 2500-2800 for a one year lease...

in addition, is it normal for landlords to require annual income of 80x rent? This was presented to me.. ie. 2,000 a month rent would require 160,000 in annual gross income.. I thought this was quite high..
TIA for thoughts....
Click to expand...
At this point they would be lucky to get a warm body with 2 mos security 1 mos rent. Trust me. Massive vacancy rate
 
B

Bricktop

#3
#3
trader1 said:
Does anyone have experience with this and or thoughts...
What would be a reasonable expectation of rent concession on a studio or one bedroom apartment ( east side, midtown) when comparing last years asking price to today’s? .. previous asking price appx 2500-2800 for a one year lease...

in addition, is it normal for landlords to require annual income of 80x rent? This was presented to me.. ie. 2,000 a month rent would require 160,000 in annual gross income.. I thought this was quite high..
TIA for thoughts....
Click to expand...
40x rent is reasonable
 
B

Bricktop

#4
#4
trader1 said:
Does anyone have experience with this and or thoughts...
What would be a reasonable expectation of rent concession on a studio or one bedroom apartment ( east side, midtown) when comparing last years asking price to today’s? .. previous asking price appx 2500-2800 for a one year lease...

in addition, is it normal for landlords to require annual income of 80x rent? This was presented to me.. ie. 2,000 a month rent would require 160,000 in annual gross income.. I thought this was quite high..
TIA for thoughts....
Click to expand...
Ask for first mo free
 
Leobloom

Leobloom

#6
#6
trader1 said:
Does anyone have experience with this and or thoughts...
What would be a reasonable expectation of rent concession on a studio or one bedroom apartment ( east side, midtown) when comparing last years asking price to today’s? .. previous asking price appx 2500-2800 for a one year lease...

in addition, is it normal for landlords to require annual income of 80x rent? This was presented to me.. ie. 2,000 a month rent would require 160,000 in annual gross income.. I thought this was quite high..
TIA for thoughts....
Click to expand...
I was in the business in a previous life which was many years ago. Assuming no credit card debt to be maintained or paid down, we looked for tenants who earned 4x their annual rent. So a $2K/month rent required a minimum of $96K. There was some wiggle room based upon our personal evaluation of the tenant.
 
Leobloom

Leobloom

#7
#7
trader1 said:
Does anyone have experience with this and or thoughts...
What would be a reasonable expectation of rent concession on a studio or one bedroom apartment ( east side, midtown) when comparing last years asking price to today’s? .. previous asking price appx 2500-2800 for a one year lease...

in addition, is it normal for landlords to require annual income of 80x rent? This was presented to me.. ie. 2,000 a month rent would require 160,000 in annual gross income.. I thought this was quite high..
TIA for thoughts....
Click to expand...
https://www.nytimes.com/2020/09/26/at-home/use-the-renters-market-to-your-advantage.html
 
Slinky Bender

Slinky Bender

The All Powerful Moderator
#10
#10
Are you tenant or guarantor? Usually 40X is for tenant, 80X for guarantor.

Overall rents are down about 15%+ but a high percentage of owners are being dicks on renewals and only renting at what actual market is to new tenants. Kind of ironic considering how they always scream how unfair any regulations against "market forces" are. This attitude is why they got hit so hard with the new regulations last year - rather than negotiating something reasonable they stonewalled.
 
Leobloom

Leobloom

#12
#12
Bricktop said:
40x rent is reasonable
Click to expand...
Unless you know you're renting to a monger. I inherited a tenant who was an older Hungarian man with a very low rent, half of which was paid by a city agency. I think he repaired antique clocks for a living. Somehow he was always behind on his $300/month. Later I found out that he had a little gambling problem.
 
T

trader1

#13
#13
Slinky Bender said:
Are you tenant or guarantor? Usually 40X is for tenant, 80X for guarantor.

Overall rents are down about 15%+ but a high percentage of owners are being dicks on renewals and only renting at what actual market is to new tenants. Kind of ironic considering how they always scream how unfair any regulations against "market forces" are. This attitude is why they got hit so hard with the new regulations last year - rather than negotiating something reasonable they stonewalled.
Click to expand...
Guarantor— I have been told by 2 realtors tgat this seems to be the norm

I also inquired about paying a portion of the annual rent upfront as a negotiation tactic to try and get a monthly reduction— Was told this cannot be done .. NY rent guidelines...
Another hinderance to make it easier to do business in NY
 
Leobloom

Leobloom

#14
#14
trader1 said:
Does anyone have experience with this and or thoughts...
What would be a reasonable expectation of rent concession on a studio or one bedroom apartment ( east side, midtown) when comparing last years asking price to today’s? .. previous asking price appx 2500-2800 for a one year lease...

in addition, is it normal for landlords to require annual income of 80x rent? This was presented to me.. ie. 2,000 a month rent would require 160,000 in annual gross income.. I thought this was quite high..
TIA for thoughts....
Click to expand...
We also took into account the nature of the tenant's income. It was nice to have some tenants pay cash as it gave us flexibility in paying contractors. If you're trying to move into a large or institutionally owned building, that's probably a non-starter. If you're comfortable with that and can find a way to bring it up without sounding sleazy, an open-minded landlord might cut you some slack.
 
chevyman53

chevyman53

#15
#15
At 80x the monthly rent I would have no occupied rentals (here in Nassau and Suffolk counties)
I am hopeful that they have clear credit debt. I was also shocked to read here that some were asking 2months security while that is illegal so is asking for last months rent also illegal.
 
T

trader1

#18
#18
Tks all for responses-
Further research
The 80x rule for a guarantor is not very flexible when dealing with a property manager . when dealing with a condo owner , they are or can be flexible—
There seems to be lots of outdated ( kitchens/bathrooms etc ) units on the market and some of these landlords are not budging from a 10 percent concession..
 
You must log in or register to reply here.
Top