New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1877-02-02
NEK-YORK RENTS.

GENERAL TENDENCY TO REDUCTION
AGENTS ESTIMATES OF THE PROBABLE CUTTING
DOWN RANGING FROM 10 To % PER CENT
PEOPLE OF ALMOST ALL CLASSES SEEKING
CHEAPER HoMEs-LASDLoRDs OBLIGED TO MAKE
CONCESSIONS.
A large majority of leases on business prop
erty are rene wable to-day, and while leases on resi-
dences are for the most part renewable on May l. they
become what Il termed negotiable to-day That ID. Will
the first day OF February OF residences begin 10
consider whether their tenants whose leases ex-
pre May will wish to continue in occupation after tnat
date II tenant signifies his intention 10 take another
house at the close OF year. the landlord properly
advertise his property to rent from that date AS
rule. however determination is not 40 speedily arrived
at DISCUSSIONS to the terms OF the new lease cause
dev and market does not become active
until the middle or last OF February The fact however,
that leases business properly ara renewable to-day.
and leases houses negotiable leads naturally to gen
erl interest the orepeatcd inquiry, Wl rents for
the coming year be reducedf"
In an article published in The TRIBUNE last Saturday.
several real estate quoted saying that in
their opinion had touched bottom at least on bust
ness property Further inquiry shows that this opinion
Is by 10 means universal men qualified To form an
intelligent Judgment. e. H. Ludlow OF No. Plnc-st.
stated Yesterday thar believed that houserents would
be on an average 10 per cent lower after May Than
during past year. and rents on all grades OF property
would De lowered in "a similar ratio Men VINO mad been
paying leo for their houses would demand, and in
most cases successfully. reduction to $1,000 II had
been hoped earlier the that the lowest figures
IN rents had reached but there reason to fear
that this hope a false Dir. Ely OF No. % Pine
ST. said that it was in bis opinion impossible thus early to
DO more than conjecture what the next few weeks would
reveal " K. Stevenson, IT,, Of Pinest. gave hs own
views very frankly He said that IL foolish for real
estate brokers and agents to deny that rents must 20
r. hia lind
considerable reduction must be made in the
rents both OF stores and dwellings. Bust
ness wore making very little money
their houses were a burden to them, and they would
either secure favorable terms TO. the coming year
or move into desirable homes One-third OF the ten
ants II this city present in to their land
lords He thought thar reduction Of from 10 TO 20 per
cent wnud certainly be made. A indication of the
tendency the market he remarked that he had just
leased for 81 900 house in the most fashionable part Of
Fifth ave- which $4,000. and for which TWO years
ago rental OF IS 900 demanded but which was I'M
occupied last year. II was nonsense to Say that the
market for Broadway stores stifenng. No better
PROOF of the folly OF such assertions was needed than
LIST OF the empty that thOroughfare. Tic
steadinst and e" stfest business property ia the city
Was on the west side Of Broadway between Fourteenth
st. and twenty -nnth-st. for tho reason that in That
quarter was the Of the retail trade. The Bowery
lad been mentioned az u street where prices firm
Mir Stevenson would for $500 less. If necessary
a store in the BOwery near AsOrplace which formerly
rented for $500 aud which had been unoccupiod FOR
year.
real estate broker whose name II printed would Sc
cure wide credence For his opinion said yesterday that
TIE rent market would he generally depressed Tenants
were unwilling give the rents Of last year. hut
many landlords slow to yield During 40 years
experieace he had never the market 50 low. Gen
orally sreakng, thcre reduction by percentages
IN NeyyYork In Other cities reductions We're made
the basis Il; universally accepted percentage but here
changes were male by Jumps" "What rent do YOU
AK for that house I" "Three thousand five hundred
dollars" I'm give you $500" was settled thus be-
tween landlord and tenant IN individual eases rather
than by general rule. Capitalists, merchants, and sala
rad men were all living at cheaper rate and rents must
cu down In accordance with the law which governed all
nrces This broker thought that house rents would be-
an tie average Onefth lower for the coming year than
duriu 1876 On houses renting for 81 200 and less the
reduction would be proportonally smaller than on
houses held at 81 800 TO $500 and, in general
b larger the rent larger would be- the per cent OF
reduction. The sales market well AS the rent market
vras exceedingly "bluc." Few expensive houses were
bought; the demand such twas was for those costing
from Sl5 900 to 100000