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Oct 15 - Desperate NYC Tenants Are Waging Bidding Wars, As Rental Demand Surges



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 1 month ago '04        #1
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young_fletch 
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Oct 15 - Desperate NYC Tenants Are Waging Bidding Wars, As Rental Demand Surges
 

 
At least 70 prospective tenants wrapped around an Upper East Side building earlier this month, financial documents in hand, shouting numbers at a real estate agent as if at an auction. A few blocks uptown, another broker fielded close to a dozen offers above asking price on a fourth floor walk-up. In Prospect Heights, a two-bedroom, originally listed for $3,750 per month, leased for $4,500.

As New York City’s real estate market continues its dramatic turnaround, stories of tenant bidding wars have ricocheted across the industry. While such battles have long been a feature of home-buying, real estate experts say they are virtually unprecedented for the city’s rental market.

That began to change this spring, as the availability of COVID-19 vaccines brought droves of New Yorkers back to the city and, more recently, employers began ordering their workers back to the office. The sudden surge in demand has added a new wrinkle to the already vexing process of New York City apartment hunting.

Janna Raskopf, a rental agent at Douglas Elliman, said she’d never rented an apartment to a tenant for more than it was listed. Since Labor Day, she said, more than half of the units she’d leased were being bid up, often as much as 20% more than their asking price.

“There's a sense of urgency and desperation that I’ve never seen before,” said Raskopf.

Read More: Costly Broker Fees, Scourge Of NYC Renters, Return With A Vengeance

The bidding wars were first waged in the most desirable Lower Manhattan neighborhoods, including the West Village and SoHo. But brokers say they’ve seen offers above asking price in Upper Manhattan, Midtown, and swaths of Brooklyn.

Last month, Brooklyn saw its highest level of lease signings for a September since at least 2008, according to the Elliman market report.

Kirk Douglas, a 26-year-old who works in advertising, said he’d timed his move from the West Coast to coincide with the “New York City renaissance.” After his three-month sublet ended in September, he decided he wanted to stay in the city, and went about searching for a two-bedroom with a future roommate.

When they eventually found a perfect apartment in their budget with outdoor space in Prospect Heights, Douglas said he was informed by a broker that the place would likely be rented above asking price of $3,750.

“We decided not to bid out of principle, and also because the chances were extremely slim,” said Douglas. “We didn’t anticipate it being this challenging.”

The broker, Kristi Ambrosetti, said that the apartment received more than 20 bids, and ultimately rented for $750 above its asking price. Many of those offers came from people who had lost out on other apartments, the broker said, making them more likely to put in above-market offers, among other desperate measures.

“The ones that have lost three or four apartments are acting very aggressive, and they're smart to do so,” Ambrosetti said. “People are writing personal love letters to the landlords.”

The emergence of bidding wars comes at a time of growing disparity between the top and bottom half of New York City’s rental market, according to Jonathan Miller, head of the real estate appraisal firm Miller Samuel Inc. Nearly 20 months into the pandemic, the wealthier half of city renters are chasing COVID-friendly apartments, including those with outdoor space and large common areas for remote work.

“We're seeing very specific types of apartments that consumers are f*ghting over,” Miller said. “When you throw a surge in demand against fixed supply, you're going to see bidding wars.”

The Real Estate Board of New York defended landlords and brokers who encouraged bidding wars, which they blamed on the city’s failure to add more housing. As with hefty broker fees, there are no laws barring landlords from asking tenants to bid above asking price.

The Met Council on Housing, a tenant rights group, said they’d begun receiving their first calls from concerned tenants who’d encountered bidding wars in recent weeks. Andrea Shapiro, a program manager at the organization, faulted a decades-long trend of deregulation that has allowed more landlords to raise the prices on their apartments as they see fit.

“We're having these huge fluctuations in the housing market right now, and we know that whatever starts at the top of the market always makes its way down,” said Shapiro. “People paying 20% over asking price is not good for our city.”

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BX told me NYC was dead
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 1 month ago '17        #2
Ymmot  topics gone triple plat - Number 1 spot x5
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Remember all those trump loving white supremacists on here telling us everyone left NYC months ago.....
+18   

 1 month ago '11        #3
Sin  topics gone triple plat - Number 1 spot x40
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all those people claiming Miami and Houston would replace NYC

Many cities have come and gone but one has remained supreme





+15   

 1 month ago '04        #4
young_fletch  OP
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 Sin said
all those people claiming Miami and Houston would replace NYC

Many cities have come and gone but one has remained supreme


that chart is crazy. They don't realize NYC probably have more public school students (1.1m) than their city population.

edit: That's enough students to be a top 10 city
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 1 month ago '11        #5
Sin  topics gone triple plat - Number 1 spot x40
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 young_fletch said
that chart is crazy. They don't realize NYC probably has more public school students (1.1m) than their city population.

edit: That's enough students to be a top 10 city
they've probably never even been to NYC and seen the crowd and medium sized sky scrapers taller than their largest building
+5   

 1 month ago '21        #6
TheLegend  topics gone triple plat - Number 1 spot x27
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 Ymmot said
Remember all those trump loving white supremacists on here telling us everyone left NYC months ago.....
But you’re white and only like white liberals


Seems like you’re just a soft spoken racist
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 1 month ago '07        #7
young mad 
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Yea I know some colleagues that said they were getting outbid on some apts during their hunt
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 1 month ago '17        #8
Ymmot  topics gone triple plat - Number 1 spot x5
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 TheLegend said
But you’re white and only like white liberals


Seems like you’re just a soft spoken racist
It's funny how you wonderbread weirdos follow me around posting all your lies about me. Go outside, casper.

 1 month ago '08        #9
ralo 
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People over bidding for apartments in this sh*tty city? I can 100% guess the race and political party of these people. Let them have this sh*t. Traffic is the worst I’ve seen it in the 15 years I’ve been driving. More entitled people from a certain race who just moved here in the last 2 years. Bike lanes galore and now multiple streets closed off so mothafu*kas can walk and drink lattes in the street. Nyc is now a liberal LGBT cesspool. My family has been thinking about reconnecting with our cousins and head down south.
+10   

 1 month ago '18        #10
antisocial100 
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These outta town ppl making it hard for actual New Yorkers born and raised to find an apartment in their own city
+6   

 1 month ago '11        #11
Sin  topics gone triple plat - Number 1 spot x40
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 antisocial100 said
These outta town ppl making it hard for actual New Yorkers born and raised to find an apartment in their own city
The Bronx is still relatively cheap (by NYC standards) for now ….

I see those 20+ story building going up in SOBRO
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 1 month ago '18        #12
antisocial100 
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 Sin said
The Bronx is still relatively cheap (by NYC standards) for now ….

I see those 20+ story building going up in SOBRO
Lmao sobro. Boy hilarious . Go move there then mfer
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 1 month ago '11        #13
Sin  topics gone triple plat - Number 1 spot x40
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 antisocial100 said
Lmao sobro. Boy hilarious . Go move there then mfer
I looked a 1 bedroom was $3000 a month Out of my tax bracket
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 1 month ago '16        #14
Blunted Sultan  topics gone triple plat - Number 1 spot x6
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I really gotta go to NYC & see what the hype is

 1 month ago '04        #15
nicoled985 
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I have a good friend there I need to visit. I've never been to NYC :(

 1 month ago '18        #16
antisocial100 
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 Sin said
I looked a 1 bedroom was $3000 a month Out of my tax bracket
Ohh Naa I’m good. Bronx is next up on that gentrification screen. There’s a place in the city called StuyTown , imagine what the projects would look like if rich or ppl who can afford that 3k a month lived in them and that’s what it is.

It’s like they moved the hood out fixed it up and raised the prices
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 1 month ago '07        #17
JamcnPrettyboy  topics gone triple plat - Number 1 spot x7
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 Blunted Sultan said
I really gotta go to NYC & see what the hype is
It's dead right now breh.

Pandemic ruined everything
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 1 month ago '04        #18
GUCCI C0ND0MS 
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 ralo said
People over bidding for apartments in this sh*tty city? I can 100% guess the race and political party of these people. Let them have this sh*t. Traffic is the worst I’ve seen it in the 15 years I’ve been driving. More entitled people from a certain race who just moved here in the last 2 years. Bike lanes galore and now multiple streets closed off so mothafu*kas can walk and drink lattes in the street. Nyc is now a liberal LGBT cesspool. My family has been thinking about reconnecting with our cousins and head down south.
Good sh*t, bro. I'm thinking about making that move from nyc to Texas or Florida. I'm sick and tired of living in a blue state that doesn't respect my freedoms.

 1 month ago '07        #19
wtr1906  topics gone triple plat - Number 1 spot x1
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Yall happy and proud about this? Man, thus sh*t is disgusting but hey, if you got it, ball out!
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 1 month ago '09        #20
TriniSoldier  topics gone triple plat - Number 1 spot x1
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A sense of urgency? Really?? Lmao
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 1 month ago '16        #21
Blunted Sultan  topics gone triple plat - Number 1 spot x6
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 JamcnPrettyboy said
It's dead right now breh.

Pandemic ruined everything
sh*t all the more reason for me to go

I dont wanna be around tourists
+1   

 1 month ago '15        #22
Brewklyner  topics gone triple plat - Number 1 spot x10
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 JamcnPrettyboy said
It's dead right now breh.

Pandemic ruined everything
No it’s not lmao . Mirage , marquee , lavo , harbour night clubs all poppin
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 1 month ago '16        #23
AgentOrange 
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 JamcnPrettyboy said
It's dead right now breh.

Pandemic ruined everything
You wouldn't think that driving around Manhattan and Brooklyn last Friday. I was stuck in traffic like "I though everybody left."




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