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New York's Priciest Rental: $165K a Month

Astor Suite at the Plaza is now on the market

(Newser) - New York's most expensive rental is now available, and it's a steal at $165,000—some $15,000 more than the runner-up. The 5,087-square-foot Astor Suite at the Plaza boasts three bedrooms, five bathrooms, and a library, not to mention a separate apartment for guests. The suite... More »

How One New Yorker Lives in 90 Square Feet

Felice Cohen makes every inch count in her tiny Manhattan apartment

(Newser) - Felice Cohen's Manhattan studio is all of 90 square feet, and she seems to have plenty of room for all the necessities. “I think a lot of people have a lot of space that they’re not using," she explains in a video from faircompanies . It also helps... More »

Obama Streaker Won't Score $1M, Will Go Rent-Free

Man gets 'consolation prize' for advertising website

(Newser) - The man who stripped to his sneakers and charged through a Philadelphia Obama rally won’t be getting the $1 million he expected—but he won’t have to worry about rent for 6 months, reports the Philadelphia Inquirer . The billionaire who commissioned the public nudity says streaker Juan Rodriguez... More »

Cost of Nancy Pelosi's New Office? $18K. Per Month.

It's almost double what the next biggest spender in the House pays

(Newser) - Speaker Nancy Pelosi has moved her district offices to a new building in San Francisco, to which she now pays $18,736 in monthly rent. The space is nearly a third larger, at quadruple the cost of the old office. The next highest monthly office rent for a member of... More »

Troubled Homeowners Try New Policy: Just Don't Pay

With 438 days before the average eviction, why bother?

(Newser) - Some homeowners in foreclosure are done with trying to wrangle loan modification from the banks. They've adopted a different policy: evict me if you dare. With more than 1.7 million households in foreclosure, it can take a long time for the courts to actually eject homeowners. Last year, the... More »

After 5 Quarters of Decline, Rent Just Went Up

Stabilizing prices might signal ravaged sector has found bottom

(Newser) - Rents crept up nationally in the first quarter, notching a 0.3% increase that ended five straight quarters of decline in a sector that's been particularly battered by the recession. The vacancy rate—closely linked to unemployment—held steady at 8%, while 60 of the 79 markets surveyed reported higher... More »

DC Office Prices About to Pass NY

Falling banks, rising government shifts real estate market

(Newser) - Washington, DC, is on the verge of passing New York as the priciest place to rent an office in the country. Rents were down pretty much across the board in the latest figures from Reis, a New York-based research firm, but DC saw only a mild 3% decline, to an... More »

Housing Market Woes Hit Home for Geithner

Treasury secretary can't sell, stuck renting out his NY home

(Newser) - Housing market troubles are getting personal for Tim Geithner, the AP reports. The Treasury secretary bought his five-bedroom suburban New York Tudor for $1.6 million in 2004; after moving to Washington, he tried to sell it for $1.635 million. The price later dropped to $1.575 million, but... More »

Starbucks Looks to Cut Back on Rent

Coffee chain presses landlords for 20%-25% reductions

(Newser) - Starbucks is asking some of its landlords for a venti favor: lower lease rates by as much as 25%, Bloomberg reports. With the real-estate market in decline, a rep says, “We’re taking advantage of the opportunity,” adding that most landlords foresee a “mutually beneficial situation.”... More »

NYC Charges Working Homeless Shelter Rent

(Newser) - New York City has quietly begun to enforce a 1997 state law requiring homeless shelter residents who have jobs to contribute to the cost of their temporary housing, the New York Times reports. The move, which follows a 2007 audit that forced the city to return funding to the state,... More »

Gap Narrows Between Mortgage Payments, Rents

Housing slump prompts shift

(Newser) - During the housing boom, mortgage payments held steady, consistently topping rent levels; now, with the market cratering, they’re returning to historical levels, the Wall Street Journal reports. After-tax mortgage payments averaged about 26% more than rent over the past 18 years; during the boom that figure surged to 66%.... More »

Freddie Mac to Let People Stay in Foreclosed Houses

Rental program aims to stop evictions

(Newser) - Freddie Mac has forged a first-of-its-kind plan to allow homeowners and tenants to remain in foreclosed homes, USA Today reports. Residents will be charged a market rental rate on leases renewable monthly after their homes have been acquired by the lender. Freddie Mac expects the program to save thousands of... More »

Bummer Economy? Move Home!

More adult children are moving in with parents

(Newser) - A bleak job market and skyrocketing rents have college grads—even working adults—boomeranging back to their childhood homes, something that's fast losing its social stigma, the Boston Globe reports. About half of adults ages 18 and 24 live with their parents. More »

Rainbow Room Grill to Close

In throes of recession, rent dispute, the Big Apple landmark will shutter its dining hall

(Newser) - New York’s vaunted Rainbow Room will shut down its dining hall next week amid the recession and a rent conflict, the New York Daily News reports. With the Rainbow Grill’s closure, the tourist hotspot at 30 Rockefeller Plaza will—temporarily or otherwise—be 40 employees lighter and limited... More »

Rent-to-Own Leases Help Fill Up Condos

In slow market, some developers offer test drives to renters

(Newser) - The credit crisis landed the housing market on shaky ground, but condo developers are attracting cash-strapped buyers by offering them rent-to-own leases, the Boston Globe reports. The deal allows would-be homeowners to rebuild their credit and test out conditions, while developers make money on properties that otherwise would be empty.... More »

Raging Rangel Denies Rent Deal

Lawmaker defends taking up 4 rent-controlled units in city short of housing

(Newser) - A testy Charles Rangel yesterday brushed off accusations that he had enjoyed special treatment in occupying four rent-controlled apartments, reports the New York Times. The veteran Democratic congressman denied he had a "sweetheart" deal with his landlord and slammed the Times article that started the controversy. The 78-year-old chairman... More »

Rangel Enjoys Sweet Deal on 4 Harlem Apartments

Dem faces questions over big savings on rent

(Newser) - A powerful Democratic lawmaker is getting a sweet deal on four Harlem apartments, the New York Times reports. Charles Rangel has four rent-stabilized apartments, whose rents are controlled by city law. Three of the apartments are combined into one luxury unit, and the fourth is used as an office—despite... More »

What's So Great About Home Ownership?

US policy is stacked against renters— for no good reason

(Newser) - “Owning a home lies at the heart of the American Dream,” George W. Bush once said, and US policy certainly seems to agree with him. Mortgage interest is tax deductible, and government-sponsored enterprises such as Fannie Mae provide cheap financing for home buyers. Why is that, asks Paul... More »

Rise in Renters Wiping Out Gains in Homeownership

Effects of subprime crisis evident as percentage of owners drops

(Newser) - Americans are shifting from being homeowners to renters in rising numbers, the New York Times reports, all but wiping out gains made during the boom. The percentage of homes headed by homeowners dropped from 69.1% to 67.8% this year, which sounds modest, but is, in fact, the biggest... More »

'Evangelist' Renter: Time to Buy

NYT analyst says buying begins to make sense again

(Newser) - As property prices head back down, a self-proclaimed "evangelist" of renting is trading in the lease for a mortgage. David Leonhardt of the New York Times has been advising people for years not to buy a home and get their money tied up in a housing bubble, but he... More »

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