The New York herald., 1871-03-26
Rents I'm New York and Brooklyn.

Rents I'm New York and Brooklyn.
In connection with the problem of future
real estate values there is nothing more in
structive or interesting than the present con-
dition of rents. To begin with, this may be
summarized and asserted with calm con-
sciousness of certainty that could disregard
even NJ Olliviers early restrictions against
unaccomplished facts, the reverse of which
grew too rapidly for him to keep track of, as
exhibiting very considerable decline in
rental valuation. This, of course, indicates a
corresponding decline in the value of the fee in
general sense, but there are particular in
stances in which the relation is not wholly
logical to the strictly financial mind. Rents,
like everything else during the war, were
abnormally disturbed. Indeed it is probable
that the excitement in this respect was one of
the principal causes Of the largely advanced
figures of improved realty following that
period. The movement in this respect was
greatest near the close of the war, when several
had left sorrowing and impecunious relicts be-
hind them. OF course it was impossible that
these could impair the distinguished memory
of the dear departed by any less honorable
employment than that of keeping fashionable
boarding house. Thus there was an immediate
demand for first class houses in first class
localities, where rent was no object, of
course The lessee was generally introduced,
In weeds, as the widow of General -, killed
in the service of his country; relct of Colonel
So-and-so, who led such and such a storming
party, and died, fighting nobly or the sur
viving partner of Major Roe, who commanded
O brigade in the Wilderness, and was killed at
the head of his troops. Under such circum-
stances it was impossible to be severe. Cash
could not be insisted on; patriotic feeling pre-
vented it; so the rent was marked up.
Seven OF eight thousand dollar houses thus
readily found tenants, the average widow be-
ing generally quite incapable of calculating
years possible expenses and being extrava-
gantly hopeful of making fortune.
Sometimes this rent was paid-at the incep-
ton of tho movement it largely was-but of
late years there has been such general fall
settle that landlords are not so anxious to let
to that class of tenants who promised such
large rentals.
It is all very well to let house at eight or
ten thousand dollars year, if you have your
rent assured but if at the end of three
months, say, your tenant becomes bankrupt
and can't pay, and the house is left on your
hands for three or four months, it were better
ito let for six or seven thousand dollars, with
security for the prompt payment of the rent.
'Things amt now as they used to was" as.
they say in one of the burlesques Of the period;
consequently these high rents are not paid.
Another reason for decline in rents is
ahe small profit derived from business during
the past year. Mr.. Boutwell, has paid
off in that period something over one hun
dred million dollars of the public debt.
But this one hundred millions represents pre-
profits of the country, a portion of which, if
passed to private bank accounts, would doubt
less have contributed to swell the rental value
of our property here, as aifording the oppor-
tunity for more free expenditure than our
merchants are now capable of.
The actual decline in rents may safely be
put down as follows Seven, eight or ten
thousand dollar houses are without quotation
and landlords are very glad to receive offers.
In the case of houses renting last year for
$4,000, SO, 300 to 81, 900 is readily taken now.
Houses that rented last year for 81, 600 can be
got this year for $4,000 to $4,000. Last
years SO, 600 houses are quoted this spring at
$4,000 to $4,000 Houses renting easily last
year for $4,000 can be had this year for
81, 700 to 81, 500, and last years s. 800 houses
now at ST., 500 to $1,000.
Leaving what is known as high priced
houses, very different and exceptionable con-
dition is found to prevail in respect to small
houses, which, this year, are in demand, and,
owing to their scarcity in good localities and
in good condition, command a premium.
Thus this class of houses that rented last year
at from $500 to 81, 200, if not too far up town,
can this year command an advance. These
houses are few, however, and do not affect the
general rent market, which exhibits an un-
mistakably downward tendency.
The same is true of Brooklyn. Landlords
there are still trying to hold up old figures,
buttenants as q rule recognize manifest destiny
too clearly. Thus there has been very little let
ling thus far this year. The fact is there are
very few houses in the rent market worth taking
hold of in BROOKLYN except awav out on the