The New York herald., 1877-03-05
LANDLORD AND TENANT.
GREAT REDUCTION IN CITY RENTS FOR THE
COMING xEAR-REAL ESTATE OWNERS SUB
HrrrINo TO THE INEvITABIK.


COMING xEAR-REAL ESTATE OWNERS SUB
HITTING TO THE INEVITABLE
Tho murkcd reduction in rents this city last year.
despite determined resistance OF landlords will be
continued this season still greater extent, as the
indications of tho last week show. As tho time ap
proachcs Tor tho annual breaking up of homes, tho
rent question looms up one OF vital importance.
Hard times have brought real estate agents and
terms and tho tenant need not fear the con-
tinuance dsproportonaIe 10 individual meana
Tho experience Of year. when the refusal Of some
landlords abao their terms led their beng lcft
severely Alone has not been without effect Even at
this early dalc, Two months before moving day. tho
revolution In favor Of low rents is Of the most
pronounced kind. Tho battlo between land
lord and tenant has already begun With tho
chances largely In favor OF latter On every side
may DO seen tho significant announcement, 10 lot,
and the number OF dwelling houses and apartments
entered the books OF the real estate agents In this
city exceed those OF last year nearly fty per cent
Fancy 10 be entirely abandoned. as II would
be OF time expect any to entertain them
In a season like the present ono.
on EAsr siDB.
visit Of HEKALD reporter yesterday TO agents and
landlords different quarters of tho city, in search Of
Information regarding the prospects for the coming
year on the question, revealed interesting
Central Park down as far the Bowory tho iudica-
tions ure all in Of considerable reduction All
the house agents Third avenue aud adjoining
streets who wcro visited unanimously expressed
tho opinion that tho fall in rents would be
greater than known before. One landlord SAID
lnat he offered house In Foriy-sixth street, near
Second avenue, 10 It's present occupant Tor
$500 for tho year, beginning In May the previous
terms being $780, The tenant refused the offer,
anu landlord found himself obliged t0 make still
further reduction Of $50 AMI considered he very
fortunate when his terms were agreed 20. An agent
up town third said that he was authorized
by who had ntrusted the letting 0 their bouses
10 him mark reduction OF IRON to fifteen per
tho OF last year, and, II anything like a
own judgment as 10 acceptance. Another gentleman
that tho experience OF last sumner tho
obstnacy Of landlords them TO lose more than
months rent through their houses being unoccu
ped has taught them discretion this time According
10 the authority thore numerous conferences
held daily landlord and agent, the former
hbting evident signs OF uneasiness as 70 The results
which the next low weeks will bring forth. Those
who invested heavily putting up expensive build
ings the sde above Fiftyninth street, seem TO
percentage on their outlay The rents offered would
not pay the interest the mortgages Entire blocks
elegant houses remained unoccupied for months past,
and there Is little likelihood OF any change Ia their
condition for q long period TO come
tho west side the prospects for the landlords arc
even moro gloomy A prominent agent on Sixth ave.
nue. assured the writer tnat the following OF
duction in rents in vicinity mgnt be considered
1air average estimate Of Tho present state OF the
Notwithstanding houses, twenty-five per cont;
stores, forty per cent; hats iorty per cent "mhy,
the present state oil things Everything is down, and
real estate Is In such condition that you cannot ind
purchaser II you offer 10 sell ~ great sacri.
1ce. As for hats, whom tho Elevated Railroad
makes way the upper districts Of this island you
will hear about flats They will drop out Of
existence as suddenly they came. Among my
toners find that necessity aiono compcls those OF
| Mind, speak only OF Iow-priced nas. They regard
thcn no better tnan respectable tenement houses
The la in the rents oil fats this is considerable
| aud will be much greater in wcek or two.'
| The dwelling house property on The extrcmc west
side OF town. above Fourteenth street, beginnng TO
attract more attention than ever before and blocks
which were formerly allowed to fall into decay and
ruin are being hted up for bcttcr class OF tenants
| The proximity OF the Elevated Railroad has had much
to do WITH this change There is q considerable de-
mand houses 81 600 year, and the supply Tor
such the west side rather limited at present tnee
will be ttlo change previous rates, although
ducton Of 500 is asked In many cdscs. Tho improve
mcns gong in the district alluded TO may however,
THE FASHIONABLE QUARTER.
Tho most desirable part oil the city for tenants lies
duction In less than elsewhere VI course hgt
prices are commanded in the vicinity OF Fiish ant
Madison avenues but they arc by means up 10 tnt
standard VI former years. An agent In Pine street
who transscls vast amount ot business in the rent
ing houses located In the above DISTRICT OF tn,
opnion that there would be startling change there
before a month was over, as the owners OF sucn prop
erty would be compelled 10 make any sacrifice rathe
than have 1t hands, and ail, without an,
returns coming in. He used The expressive phrase
that before May 'ho bottom would fall out OF tue rea
estate market" Many tenants seem 10 have made ul
thor minds 10 wait until April and to watch tho prog
Of tho revolution in rents until they can secur
suitable houses at their own terms.
The demand Tor unfurnishcd apartments is yer,
largo this season; but OF tho rates will be
urcy governed by those decided upon Who'll
dwellings. On the side parlor noor and base
nent much sought after BY small families, and II
likely that the supply will not equal the demand II
desirable ne,ghborhoods. Everywhere the feeling Of
the part OF tenants for lower rents Is strongly OK
pressed and the agents themselves, ut least those VIII
wcro visited yesterday, acqu,csce IN the decision
their customers evnCe desire 10 induce the land
lords to bow 10 tho inevitable. A week will
bring forth many features In tho contest between
laadlord and tenant