The sun., 1918-07-14
Only 48 Suites in Total of 1900 to Be
Available in Park Ave. Section 200
Apartments Offered by Firm in
Control of 4, 900 on West Side

lease on an apartment suite this fall
Is going to have a much harder time |
securing a home than tho family that
has no. been overblessed or blessed at
all with riches. 1t Is the strangest
turn about in the history of real estate. |
II is a condition which should meet the
approval of the Socialist. since the ad-
vantage in the supply Of homes is with
the poor and against the rich. Never
before in the memory of real estate men
! long in the field has money been so de-
prived of its power of attainment, be-
every property has its price. That Is not
true Of the current renting market. and
especially apartments.
Those who hold apartments in good
houses to-day consider themselves for
tunate. and we'll they may. because for
every high class apartment unoccupied
there are from one to twenty five appli-
cants. Money cannot get releases OF
suites. because the shortage makes 1t
hazards bargain which very few
are accepting, even though substantial
offers are being made by folks who
have underestimated renting conditions
10 get the size and character of suites
they want. 1t is one OF the queer pranks
which the war has worked on New York
city. Such a reversal of conditions as
1 is seen in the apartment field could
| hardly be expected, because II Is SO con-
trary TO the law of economy, which Is
that wealth is always served. The plight
Of the family without q homo in New
York Il seeking one is not pleasant to
think about.
Every day that passes lessons the
possibility of securing an apartment
home, as the demand is great and the
SUPPLY so limited that 1t Is the opinion
Of the leading real estate agents Of the
city with apartments for rent that they
viii not have vacancy by the first of
the month. Reconstruction at this time,
even II for day, invites disappointment
ard hardship until next renting season
as one may be forced to take a suite
ether too large or too small, Of a cha r
acter not pleasant and in surroundings
obnoxious to every member Of the fam
i!v
So eager are home seekers to get
settled and as nearly satisfactorily as
the market will permit that high rentals |
are secondary considerations. Tenants
N possession of premises have willingly
renewed at the higher rate Of rents
which the owner has been compelled to
make because Of the increased cOst-of4
maintenance which the war has brought
10 them. This increase Is from 10 to IS
per cent. over previous rentals. The
.arSer increase affects those who have
been paying rentals based on leases
made three or FIVE years ago, when
there was such an oversupply Of apart
rents on the market that agents were
forced to make reductions to the point |
NJ actual loss in order to tenant houses. |
Tney won tenants from private house |
sections and the suburbs. since the |
apartment promised greater economy
n7d less housekeeping troubles,
The man whose only income is that
Which he gets every Saturday and whose |
minimum wage compels him TO lead |
frugal life in every way finds also |
mat he must pay more rent and pays |
! as he knows the janitor who keeps |
his house clean is forced by the in
crease in the cost OF living to demand |
larger return for his work; he knows !
100 That taxes have gone up an appre- |
cable amount. and he knowsza lot of |
oAer things which lead him to accept |
WIN grace boost of from 81 to So |
month in the rent of his home. lie |
mas Inc advantage over the man who |
can AFFORD to pay a lot more money
'or the place he lives in. because the
market offers him the opportunity of
c6oi"e and selection. This choice is
possible up 10 500 a month. but above |
mat the opportunity OF selection Is lin
ied and gets less as the cost Of suites
Increases
ms IS one OF the amusing sides Of the
apartment renting situation to-day In
''mer times the cheaper apartments |
'Fe scarcer than the expensive ones
because the demand was naturally
.,ea'er FOR them than the costly houses.
mere were any number of suites renting
,'ot' Nl'oOO to 80 500 year which could
mad in those days of plenty when
O'IaerS were neither hampered by war
''leuon', high material prices nor an
.tN!mpathetic money market. They
"1"' many fine apartment houses
Hr'Isll the East and West Sides, Har-
'fI' ashlngton Heights, Dyckman sec
40" ana the Bronx. and IL was we'll that |
,''T' was no restraint on builders In
,I'Ne days or the current shortage would |
~ very much more serious II is the
trproducton Of five years or more ago
u.'' " now relieving the situation. The
Y,rproduction of the building boom
;eaFs mas been taken up by the increase
:" population in the last two years
4"cf' was no one at that time who |
ui'amed that the world would he at
way few years hence and that the |
struggle would bring great numbers of I
''opi" to this city and that the over
''P'? OF apartment accommodations
o1Id ne used up and the cry of filled
.'E would be heard. Lending in
buttons and individuals would have
e'u open wide their money bags for
vac use OF construction in this city, and
"''AJ, nearly a quarter OF a year
.'cdl or tho usual renting season.
cure would be assurance of a greater
'.H'E TO choose from than l per cent.
o' the total
!. - estimated that there are close
100000 apartment units Of all
@'' and classes In the city and OF /
W." great number OF homes, tremen-
4> one Is forced to admit, there are
-Vout 10000 vacant at the very most. |
-"e greater part OF these represent |
@partments which rent for $50 a month
lesa' The smallest percentage repre-
sH's the more costly apartments and
"a these the medium sized suites rent
Is Tor $1,000 to $4,000 are the scare
Vs. The preponderance OF cheap
.Prtments over expensive suites is due
W tne great drain on the ctys labor
ns population by war industries To-
cAted within a radius OF hundred
MICS Of New York. This has not re-
ailed in migration OF entire families
"1' merely OF the male members. the
p'Hers doubling up with relatives dur
ng the period of absence Of the men
.oiKs This has permitted COMPARE
ho-nc.
Conditions are the reverse with regard