The New York herald., 1921-09-11
OCTOBER WILL BRING
NO DROP IN RENTS
Folks Who Have Delayed
Leasing Seem Doomed to
Disappointment.
APARTMENTS ARE SCARCE
Two Rooms and Bath Are
Plentiful, but Prices Are \
Beyond Real Value.
APARTMENTS ARE SCARCE

Many apartment hunters who have
been waiting for the approach Of Octo-
ber in the hope that rentals would drop
are bound to be disappointed. according
to c. Merritt Ives. vice-president Of
Pease & Gilman. real estate dealers.
He said yesterday that no decrease Is
to be expected except in a few cases In
which excessive prices were asked.
"As a matter Of fact" said Mr.. Ives.
there are less apartments in the market
to-day than any year previous. except
the year 1920. 1t Is true that there are
a large number Of two room and bath
apartments being offered for rent In al
tered private houses at rentals which are
way beyond the true value, and In order
to rent them the owners will have to re-
duce their figures materially. However.
in the modern buildings containing
housekeeping apartments there is very
limited selection.
I'VE have found that great number
OF people who were looking for apart
ments early in the spring decided to wait
until late in the season before taking an
apartment, with the hope that rentals
| would drop. This will mean that a num-
Der Of these people will be disappointed.
The activity Of the last week in apart
ment renting has taken up the majority
Of the better apartments especially those
renting in the neighborhood OF from
$4,000 to $1,000 per annum. The num-
ber Of apartments OF from six to nine
rooms which would rent at the above
figures Is so small that there Is prac-
tically no selection, and person looking
for such an apartment would be wise not
to be too discriminating II the apart
ment meet with the majority of their re-
Quirements.
I'VE have had many cases in the last
week where several persons wished to
take tho same apartment within a few
hours OF each other.
Strange as 1t may seem, the situation
In the furnished apartments Is practically
opposite to that In the unfurnished. Due,
We believe. to general business depres-
sion. great many people are offering
their apartments for rent furnished at
rentals that are out Of proportion. in
great many cases. Up until two or
three years ago the value OF furnished
rental unfurn,shed. Many people in the
last year or two have rented their apart
ments furnished, taking advantage Of the
fact that their leases were on pre-war
basis. and received 100 per cent. increase
over the rent for the use OF their fur
niture. This profit had become nolsed
around among the other tenants, and. ir-
respective Of the fact that they are pay
Ing on the new basis. a large number Of
them are basing their figures on 100
per cent. profit for the use Of their fur
n,ture. which is prohibitive. We believe
a fair rental for a furnished apartment
at the present time to be 20 per cent.
over the unfurnished value.
However. It may be that there will
be so many apartments in the market
that this will not be obtainablc. as we
have never before had SO many fur
nished apartments on our books for rent,
with listings coming In continually.
There are numerous cases where similar
apartments in the same building have
been listed with US at figures varying as
much as SO per cent. Naturally, the
cheaper of the apartments will be rented
first, and the more expensive might lie
idle all winter. We would especially ad-
wise any one considering subleasing
their apartment furnished this winter to
ask moderate profit"