The sun. [volume] (New York [N.Y.]) 1916-1920, 1918-08-04
HIGH RENTALS MEAN
NO GREATER PROFIT
FOR CITYLANDLORDS
Greater Amounts Received by Owners of High Glass
Apartments Balanced by Larger Expenses Tenement
Owner Making More Money at Increased Rates

Pies and cookies, strange to relate,
have had something to do with boost
tnE rental rates for apartment suites
IN this city. Before Mr.. Hoover started
10 send forth pleas for conservation In
the kitchens Of American homes as a
means to victory over the Germans, ele-
yator boys in apartment houses were
we'll provided with food from the
Kitchens of the tenantry of the houses In
which they were employed. Pies and
cookies were particularly plentiful AMI
. very high value was placed on these
dainties Apartment house agents made
capital OF this and Of the fact that tips
came often when employing elevator op-
orators. and In this way were able to
secure service at SIS n month. The isms
Of Mr.. Hoover were upsetting to the
elevator boys. because of the general ac-
ceptance by housewives of the invitation
OF the Food Administrator to curtail the
consumption of foodstuff. Negro boys,
as most Of them are who run elevators
In the apartment buildings naturally lost
their pies and cookies and the germ Of
discomfort took root and they soon were
demanding higher wages.
Not knowing how Mr.. Hoover's con-
servation don'ts had undone the happI-
ness and luNuries of the elevator boy,
building agents refused to pay him
more and he LEFT. AGENTS were sure
that they would have no trouble in find
irg others who would be willing to work
for &2S month, tips and lots of pies.
cookies and other good things to eat.
But they counted on something which
had disappeared. Il would seem, over
night, and the result was that more
money had to be paid
AZ new operators could not be had
for less than $50 month the appllca-
ton OF Hooverisn to the elevator boy
las worked against the interest Of
apartment house jewellers as the cost
q elevator service has increased nearly
10 per cent. as a consequence, which
mist be borne by the tenant. 1t is
just one OF the little sidelights of the
apartment renting situation, which is
the most unusual in the history Of the
local real estate market. There are a
number OF conditions which have COM
bined to boost the cost OF home in
this city from 800 to $1,000 a year
over the rental paid last year or the
year before.
tHt nlSneE rentals Is all
Soolishness, because there Ia to be no
relief until the Government has released
builders and building material for apart
ment operations, and this cannot be ex-
pected until he Washington authorities
are sure of certain tn ngs winch mean
tho end of the war. 1t Is the first time
the apartment house owner has found
himself in a position to hold stiff up
per lip and demand a price which will
give him n fair return on the money he
has invested in the property. There
have been many lean years for him.
In the days Of plenty houses were filled
only by substantial concession In
rentals. Rentals were shaved down un-
I'll many properties were not bringing
more than per cent. on the capital
invested. At times the income was not
even that large. Owners could not at
tempt to boost rentals unless willing
10 have their houses vacated.
The Governments action In halting
the production of houses here was a
boon to multi-family house owners. be-
cause IL construction had not been re-
stricted the ample supply would not
have permitted owners to increase their
rentals from 10 10 rs per cent. In order
10 meet the larger cost OF operating
their properties. Some owners would
have been forced to give up their houses
had II not been possible to have the
tenant pay for the increased cost Of
operation. which has affected every item,
The increase rentals based on condi-
lions OF last October. and which were
thought sufficient to cover the opera
ton OF the house, have proved INSULT
cert because OF the jumps which ma
terial and labor prices are taking every
week
There Is a house In the upper part Of
The city which contains apartments for
many families. 1t covers more than half
large block. Rentals were increased
here several months ago from 800 to
5000 an apartment. yet the net profit to
the owner is less than $1,000 year. the
cost OF maintenance eating up the differ