The Jersey City news. (Jersey City [N.J.]) 1889-1906, 1894-03-07
WANT CHEAP RENTS
Real Estate Agents Find
Much Difficulty in
Renting Houses.
"TO LETT SIGNS ON MANY STREETS
People Will Not Pay Fancy Prices
for Flats Very Little New
Building Contemplated.
$40 LET" SIGNS ON MANY STREETS

Last fall when real estate dealers were
discouraged with the condition of the real
estate market, they all declared that they
expected a revival Of business in the spring,
which would pay up for all the stagnation in
trade they had experienced, Spring has
| come, and with it the months in which buy
ing md selling shonld be brisk, if there is to
be any. In a mournful sort of way the deal
ers now say that the hoped for spring boom
has miscarr1ed.
Last fall the renting portion of the real
estate business was brisk. Dwelling houses
of high rents in fashionable localities, small
houses ON the Hill, and flats, particularly
in the lower section of the city,
! rented well. Now, when rem ting hould
be at its height, there is an in
explicable ~stagnation and it is accounted
for by dealers in this manner Tenants have
demonstrated with agents and owners and
nave declared thai unless the rents are re-
duced, they, the ~tenants) will move out.
| Agents and owners, realizing that a tenan
at a fair rental is better than no tenan at
all, have reduced rents. This has been prac-
ticed with telling effect upon house owners
down town.
HIGH RENTs-UNoccUPIED HOUSES.
In some instances landlords have refused
to lower rent. The result is apparent. For
instance on Varick street, north and south of
! Montgomery street, where ''To Lett or "For
| Sale' signs have not been seen for the past
ten years, they are now numerous and on
houses of a desirable character
all the modern improvements and made
particularly desirable because of location.
The former occupants are not, as some
dealers believe, flying to the Hill, but are
packing up and leaving the city, securing
homes in adjacent and Villages, where
greater inducements are being offered.
Another sight that is rarely seen is ''to
LETT signs on houses on Van Worst square.
There are ito let" signs on four now, and be-
fore the first of next month, more will adorn
| the fronts of those fashionable brown stone
houses. Nor are tenants being found for
them. The rent, S75 per month, is too high,
and it is probable that they will remain un-
occupied.
Mrs Marsh of York street has given up
her house, near Jersey avenue on the square
and contemplates removing to New York.
! Mr.. Hugh Mac Kenzie, has given up his
house, near Ex-Governor Abbett's and on May
/, will install himself in q hoIne on 10th
street. New York, purchased at a cost of
$4,000
NEW HOUSES.
The vacant lot on the corner of York n
Barrow streets, adjoining the old Clerihew
house, now Familiarity known as the Demo
cratic Society, has been purchased by Nicho-
las Loshe, a groceryman of Jersey avenue
and Wayne streets. He has approved plans
for the immediate construction of a FIVE
story fiat with q brown stone first story. 1t will
be the only flat on Van Worst square.
On Mercer street, just above Jersey ave-
nue., where houses have commanded S65 to
SIS per month, occupants are moving to
other parts of the city where rents are
cheaper.
On Montgomery street, just above Varick,
Patrick Condor has completed a double FIVE
| story fat. The location is an excellent one.
Mr.. Condor IS holding out for good rents,
but customers are few.
Mrs. C. j.. Somers has just completed a
fve-story double fiat on Montgomery street,
above Grove, and as yet the floors are not
tenanted.
DEALERS A EXPLAIN.
There appears to be a stagnation which
dealers cannot explain. Dealers predict a
great reduction in the price of rents in the
lower section of the city. One dealer cited
as an instance yesterday the rental of a
magnificent four-story dwelling on Mercer
street. with all conveniences and improve
ments. for s45. A house adjoining it, a
| three-story brick, rented until this spring
for sos, and is now renting for $50.
So far as building is concerned there is
likely to be little if any. The applications
made to Building Inspector Macarthur show
extensive improvements and cheap frame
| dwellings,, nothing more. There may be a
substantial activity in selling lots in a month
or five weeks, but building is at a standstill,
and architects who have formerly been
rushed at this time of the year, are swearing
at their hard luck.