Skip to comments.Rents 'Too Damn High'
Posted on 04/30/2012 9:05:29 PM PDT by MinorityRepublican
New York City apartment landlords have been ratcheting up rents as the economy has slowly improved. But that doesn't mean that tenants will keep paying the increases.
High-end apartment owner Equity Residential, the country's largest publicly traded apartment landlord, reported last week that its occupancy in New York City fell 0.9% to 95.3% during the first three months of the year. Among other reasons, the company cited turnover from increasingly high rents, which were up 1.6% from the prior quarter and 6.7% from one year ago.
The company, the chairman of which is real estate tycoon Sam Zell, has seen similar movements in other cities. Frederick Tuomi, Equity Residential's executive vice president for property management, said on an investor call last week that in San Francisco, "Thirty percent of our first quarter move-outs gave us the reason, 'Increase too expensive,' or my rent's just too damn high." The company doesn't seem too worried. "Trading some occupancy for holding those higher rates is actually a good strategy at this point in the cycle," Mr. Tuomi said on the call.
(Excerpt) Read more at online.wsj.com ...
Bitch to you liberal overlords. They may not be back from Obama’s $40,000 a plate fundraiser yet though.
Landlords would be falling over each other to fix up apartments to bring them to market, millionaires would let go of their formerly $100-per-month, 5-room suites. And with the boost in available space, rental prices would tank so fast, it would make your head spin.
Lovely... that means more NYers elsewhere. Nothing like a bunch of liberals taking over a neighborhood. Groan.