New-York tribune., 1885-01-26
LOWER RENTS EXPECTED.
CONFESSIONS TO TENANTS PROBABLE.
OUTLOOK FOR REAL ESTATE THIS sP2ING-sroHS
PROPERTY LOWER.


"I,s too early to express an opinion as to the
rrohable course of rents for dwellings and mats,
said a we'll known real-estate broker recently, ana
his reluctance to discuss the situation % Is ie gepts n
are in position where they cannot cannot
afford to offend landlords, by talking
themselves to rosy hued views which, they oeiieye'
results will disappoint. As matter OF 1act low now-
ever it is admitted in confidence that tne ou.oVn IN
for rents is more favorable to the tenast than 10
owners of property. The renting season mas not
vet advanced far enough for the disposition OF
tenants to be revealed SO as 10 inhuence & he 10
proposed by landlords Nevertheless, there Is
general desire on the part of property-hoiders 10
make concessions where leases are TO Derenewed ana
instead of people anxIously inQulrng at what rem
tai they will be able to retain their houses or apart
ments landlords are eager to exact the Dest terms
their tenants will give them. with sucn q stua. i
tion revealed by the few inquiries and negotiatios
that have already been made or proposed, the
chances favor a range of prices no higner man
those of last year, with the probabilities ia'ornea
decline. ..;.u.:o,,,or
No one expects rise in rents except IN particular
localities which are favored Tor special
former rates is all that is expected A well-known
Piue-st dealer said: I'm general way All that
can now be predicted for the rent market Is "a
prospect of little change from last years basis;
Dwelling houses that rent at moderate hgures VIII
be in good demand; they hold their strength IN
the face of weakness in other kinds of property.
Small dwelllugs-say 1212 feet front--are always
easy to rent for the reason that people OF m0der
ate means form numerous class IN New
Y and where nf rents To secure
a comfortable house. High-priced houses VII,
probably bring smaller rents than last year, ana
this may also be said of the expensive apartment
houses which are now drug III the market. IN
Harlem real estate still suffers from the oyeipro-
duction of houses and fats and there is likely that
tenants will be able to make better terms tnah
they could last spring In the back bone OF the
island the greatest strength will undoubtedly be
shown In the last two years there has been not
only check In the exodus northward that was
started when the elevated railroads were extended
to Harlem, but return of the tide to below fiity
ninth-st. has set in There is marked disposition
on the part of people to get down TO Fortletn-st.
and thereabouts and between Eighth and lwentl-
eth SITS there has been considerable demand ior
dwellings and apartments 1t is doubtful that there
will be any marked change In rents In TINS part OF
the city, but here and there are side streets near
Fifth aud Madison aves., which Will probably COM
mand better rents, asa result of the DOWNTOWN
drift of many people"
Another prominent dealer said: "The rent
market is hardly likely to fail to reflect the general
depression in business. which has led to discharges
and reductions of salaries, and hence to the neces,
sity for greater economy on the part OF salaried
to what extent people will be willing TO max re-
movas are matters only to be developed as we near
My Ths fsS ffss Rnt Rpees property RSr as is''s
it did last year supplies not only many flats and
dwellings, that be rented with profit at reduced
figures but forces many landlords to consider the
necessity of accepting smaller returns on their In-
vestments"
In office rents there has been general lower
range this season, but the reductions have fallen
principally in the jobbing districts Here the re-
newaI of leases or the making of new ones
has been effected only after concessions by
landlords ranging from 8 to 80 per cent;
Only the most attractive stores have commanded
last years figures. The dry goods quarter has prob
ably suffered the largest losses In the avenues,
both on the East and West sides. the changes from
last year have not been many or important In
none but exceptional cases have advances been
realized. The prospects Of offce-rents downtown
around the exchan res is not encouraging to land
lords Many tenants Will move from lower to
upper floors In order to secure a reduction. The
new buildings going up this part OF the city
have displaced certain unmber of tenants but on
the othcrhand many of the larger buildings erected
in the past few years have large percentage of va
cant rooms.