How is the NYC rental market?

Discussion in 'Economics' started by lolatency, Dec 7, 2008.

  1. I told my landlord back in Aug I only wanted a 5month lease. I told him this because I thought I was gonna get laid off and because I thought the economy would go into the toilet. He said Dec and Jan are hard to rent, could I maybe stay till Feb 1st. I said fine, so I added an extra month to my lease.

    My reasoning was a trader's reasoning: I could cut my losses and move to some hole in Jersey for $500/month if I got laid off. If I didn't get laid off, I could continue my current lease or snatch some deals.

    Around Oct, I asked him how the rental market was. He said it was fine because "people can't afford to buy." He said he wished he had more inventory.

    Lately, he's been harassing me to stay through Feb because he thinks he can't show my apartment to prospective tenants because it's "messy." I'm called him on his BS and told him to get lost, and that if the market was as strong as he said it was, there'd be no problems re-renting this place mess or no mess. I told him he'd have his inventory. I told the guy to only call me if he wants the placed cleaned up before a showing. I've received no such calls or e-mails, so my theory is that he's not getting any showings now in December, and probably won't through January.

    So he comes back to me with an offer to reduce rent $25 a month. I told him to cut my rent $500 a month and he cursed me out and said I was a selfish bastard.

    First: So, is my landlord fucked? I hope he is, because he's a bastard.
    Second: Where can I score some deals? I'm thinking I don't have to live in the ghetto and can move to a nice area now because 1) it's the winter, and 2) people are losing jobs left and right.

    Anyone know the situation well, or know about the data deeply enough? I want to score a win so I don't have to live in this roach infested shit hole.

    Much thanks.