W303 For Rent

W303 compiles housing rental pricing information and trends for New York City. Below you will find average pricing and standard deviations for Studios, One Bedroom, and Two Bedroom apartments in Manhattan. You can search and list available Manhattan Apartments at W303 New York, at the For Rent link above.

December 13th, 2008

Studios: 20 Listings, $1,811 Avg, $333 Std Dev
One Bedrooms: 32 Listings, $2,589 Avg, $690 Std Dev
Two Bedrooms: 38 Listings, $3,147 Avg, $1,311 Std Dev
All Rentals: 99 Listings, $2,715 Avg, $1,114 Std Dev

Descriptive statistics - all rentals

count 99
mean 2,714.73
sample variance 1,241,975.08
sample standard deviation 1,114.44
minimum 1129
maximum 7495
range 6366

confidence interval 95.% lower 2,492.46
confidence interval 95.% upper 2,937.00
half-width 222.27

1st quartile 1,997.50
median 2,500.00
3rd quartile 3,020.50
interquartile range 1,023.00
mode 2,500.00

low extremes 0
low outliers 0
high outliers 4
high extremes 2

November 14th, 2008

Studios: 12 Listings, $1,902 Avg, $200 Std Dev
One Bedrooms: 26 Listings, $2,443 Avg, $656 Std Dev
Two Bedrooms: 36 Listings, $3,029 Avg, $1,258 Std Dev
All Rentals: 96 Listings, $3,076 Avg, $1,976 Std Dev

Descriptive statistics - all rentals

count 96
mean 3,076.30
sample variance 3,904,562.93
sample standard deviation: 1,976.00
minimum 1100
maximum 18700
range 17600

confidence interval 95.% lower 2,675.93
confidence interval 95.% upper 3,476.68
half-width 400.37

1st quartile 2,100.00
median 2,685.00
3rd quartile 3,412.50
interquartile range 1,312.50
mode 2,100.00

low extremes 0
low outliers 0
high outliers 2
high extremes 2


keywords: new york city, housing, rental, pricing, trends, data, analysis

Many landlords, property managers, and private owners are enjoying a hot rental market in the wake of the subprime lending crisis and the ongoing housing market slump. Landlords are finding a rental market ready to bear higher monthly rents and more competition for available units.

While the housing market downturn and lending crisis have negatively impacted many, the economy is weathering the storm and property managers and private owners are the beneficiaries. With the onslaught of sub-prime mortgage defaults, many homeowners are being forced back into the rental market, increasing the overall demand for units.

The effect can be seen most prominently in mid-major markets like Denver and those areas with the highest mortgage default rates. Larger metropolitan areas like New York City exhibit more stability to market fluctuations in the short-run and this results in less rental market price fluctuation.

The Wall Street Journal reported that September new home sales rebounded slightly, however, August figures were revised lower than previously reported. Sales of single-family homes showed an increase of 4.8% in September, according to the Commerce Department. The revised August figures showed a 7.9% decline after revision.

keywords: rental, market, prices

Everyday people pack up all of their belongings and rent that familiar U-Haul truck or call a moving company to handle it for them as they prepare to move. While many are moving to a nearby town or city, or perhaps even a few blocks in their current hometown, often the move is to a new region or even cross-country. We all have known the headache of moving at one time or another and while there are many things that could be said on the topic, we would like to touch on some simple tips in preparing for the big move.

Understand The Housing Market Where You Are Moving
The housing rental market is very different from one city or town to the next and it is important to understand the characteristics of the housing market you are moving to, well before you intend to make the move. This goes beyond just the average cost of rental housing in your to-be home, but also the personality of different neighborhoods, expectations of landlords, and more.

keywords: moving, rental truck

The State of California provides an excellent handbook for tenants and landlord to know their rights and obligations. You can download this handbook, California Tenants - A Guide To Residential Tenants' and Landlords' Rights and Responsibilites from the California Department of Consumer Affairs website.

While the state of California does not provide rent control, there are a number of cities that have created rent control regulations.

Santa Monica imposes rent control restrictions, governed by the City of Santa Monica Rent Control Board. Tenants and Landlords can view a number of resources related to rent control in Santa Monica at the City of Santa Monica Rent Control Board website. Santa Monica also offers a searchable online database of maximum allowable rents to make this information more accessible.

CalTenantLaw.com provides a list of cities and municipalities with rent control restrictions for further information.

keywords: LA, renter, rights, rent control

As the Spring buying season approaches, the Wall Street Journal published an article today about home buyers having plenty of choices and bargaining power. Large home builders are offering significant inventives as the market declined in late 2005. Builders are expecting a recovery in 2007, though not necessarily a fast recovery.

The Wall Street Journal conducts a quarterly survey of housing conditions in 28 major metropolitan areas and found that the inventory of unsold homes was up significantly at the end of 2006 from the previous year.

The largest increases in inventory were found in Miami-Fort Lauderdale, Orlando, Tampa, Jacksonville, Phoenix, and Portland. The survey also found price trends declining in nearly all metropolitan areas surveyed.

Of the markets served by BryansRentals.com, the change in housing inventory in Chicago was +47%, Denver -4%, Detroit +39%, Las Vegas +42%, Los Angeles +59%, Miami +110%, New York +26%, and Philadelphia +26%.

It was also reported that in 2006, 45.9% of homeowners said they wanted a front porch according to The American Institute of Architects Home Design Trends Survey. According to the National Association of Home Builders, the number of new homes with porches rose approximately 11% in 10 years.

keywords: spring, buying season

Rent prices throughout the major metorpolitan areas in the west increased in the second quarter, year over year. Occupancy rates are rising as fewer people are finding themselves able to purchase homes.

The LA/Orange County market offer the highest average rent prices while Tulsa, OK enjoys the lowest of the markets represented. See the news brief on the Long Beach Press-Telegram.

CB Richard Ellis reported that the apartment vacancy rate in January 2006 was 4.64 percent, down from 4.97 in December 2005. The 89134 zip code had the highest vacancy rate at 17.71% and 89141 had the lowest at 1.76%.

Read about Las Vegas Appraiser Debbie Huber's analysis of the Las Vegas resale market - In Business Las Vegas Article.

2006 Year to Date Average Listing Price for W303.com Los Angeles Listings
1 Bedroom: $1589.58, 2 Bedroom: $2041.15

2005 Q4 Average Listing Price for W303.com Los Angeles Listings
1 Bedroom: $946.27, 2 Bedroom: $1776.22

2006 Year to Date Average Listing Price for W303.com Las Vegas Listings
1 Bedroom: $766.67, 2 Bedroom: $1055.63

2005 Q4 Average Listing Price for W303.com Las Vegas Listings
1 Bedroom: $812.50, 2 Bedroom: $1005.59

According to the FBI, allegations of real estate fraud have tripled in the last two years. One firm romanced investors with stories of millionaire investors in order to sell them an interest in out-of-state real estate development.

Mile High Capital Group of Engelewood, Colorado accepted down payments from investors throughout California in 2005 only to file for Bankruptcy in January. The founder of Mile High Capital Group, Rick Dryer, was found to have a record of securities fraud and investors who handed over $16,500 each are concerned they will never see that money again.

See the 2/29/06 LA Times Article Two for the Money.

The Denver Business Journal reported that it is just a matter of time before Mile High Capital Group's Chapter 11 case is converted to a Chapter 7 liquidation.

2006 Year to Date Average Listing Price
Denver Metro - 1 Bedroom: $1076, 2 Bedroom: $984
Boulder/36 - 1 Bedroom: $690, 2 Bedroom: $809
Colorado Springs 1 Bedroom: $538, 2 Bedroom: $586
Northern Colorado - 1 Bedroom: $627, 2 Bedroom: $655

• A number of luxury one bedrooms in Downtown Denver has pushed the average over two bedrooms
  
• See the Colorado Search page for location grouping information
  

Many renters who find out they will have an opportunity to purchase their unit as part of a condo conversion project jump at the opportunity. Conversions can give renters an opportunity to own their unit at a bargain price compared to market rates and many renters feel sentiment for their rental similar to home owners.

However, renters might do well to proceed with caution if their complex announces a condo conversion. Many renters have been frustrated with condo conversions due to a lack of communication by the firms involved. Residents of the Little Tokyo Lofts in Downtown LA felt confusion over timing and pricing when it came to their conversion. Read more about the Little Tokyo Lofts conversion in this 2/20/06 LA Downtown News Article - Conversion Confusion.

Worse than confusion and miscommunication related to condo coversion projects, consumers purchasing units in a popular Huntington Beach complex learned that they had purchased apartments after the transactions were complete. This means the new owners can not sell or re-finance the units they purchased. Any consumers involved in purchasing a unit as part of a condo conversion project would benefit from having a lawyer review the terms and contract to ensure they are getting what they pay for. See the Consumer Affairs 2/26/06 release - California Condo Buyers Say They Were Scammed.

keywords: condo conversions, fraud, condo purchase

The Uptown neighborhood of Denver has become a target for many corporate developers and the price of real estate in this neighborhood has soared. As the urban renewal of Denver continues, neighborhoods that border downtown have become hot spots for development and real estate investing.

This trend has caused problspans for at least one affordable housing developer in Denver. Uptown Partnership Inc. of Denver is likely to face a foreclosure filing and lawsuits from its inability to pay bills. Leslie Mitchell of the Uptown Partnership Board blames the price of dirt in the revitalized Uptown neighborhood for the developer's problspans in a Denver Post article on 3/10/06.

Rent prices and national apartment occupancy climbed to a 5 year high in the 4th quarter of 2005 and are expected to continue to increase in 2006.

For more information, see "Why you’ll pay more in rent this year on MSN Money.

keywords: rent, price, trend

More than 7,000 apartment units were sold as condo conversions in southern Nevada during 2005. This trend is driving down the rental vacancy rates and making it more difficult for renters to find affordable units.

The Las Vegas City Council is now considering a moratorium on condo conversions due to the strain it is putting on the rental market and construction defects encountered by some owners. Red Rock Station is one of the areas hardest hit with virtually no rental units available. For more information, read the KLAS TV/Channel 8 Article - Condo Conversion Causes Housing Shortage.

keywords: las vegas, condo conversions, housing, shortage