The New York herald., 1922-09-04
CHEAP APARTMENTS
ALONE HARD TO GET
More Better Class Places
Available Than Tenants
to Fill Them.
ACUTE SHORTAGE ENDS
Tendency to Reduce Rents
Applies Chiefly to Old
Style Buildings.
BIG DEMAND is AT $50
Real Estate Men Say Higher
Rates in General Tend to
Come Down.
BIG DEMAND is AT $50

The New York apartment dweller
can look forward with equanimity to
October 1, even though his lease ex-
pires and circumstances force him to
seek another abode. There are plenty
of apartments to go around. There
are even more apartments of the
better class available than there are
prospective tenants to fill them.
For those Of limited means the prob
lem will be more difficult. and the
tighter the purse the more restricted
the choice, but even then there will
be no acute shortage and nothing like
the critical condition that has existed
In recent years. Real estate experts
agree that the housing problem, as a
general condition to be corrected, is
virtually a thing of the past. and what
mild stringency exists will be confined
to restricted classes of apartments,
more particularly those renting at the
lowest prices.
The new apartments that have been
put up have been constructed mainly
by those who look for good return on
their investment and the result has
been that the cheaper and moderate
priced apartments have been somewhat
neglected and have not materially in
creased over a year ago. To offset this
condition there has been an enormous
yactivity in the construction of small
private houses and two family dwell
.ings and these additions can be relied
-
who would ordinarily turn to apart
Iments.
Not So Much Moving.
The tenant who has Jared forth hop
ing to find cheaper apartment has
usually been disappointed. and for this
reason real estate experts declare that
there will be less shifting of popula
ton than Is generally seen at the ap-
proach of moving day. Views of real
estate brokers given below will show
the conditions In different localities, but
in the main IL Is safe to say that rents
will reman what they were. The tend
ency towards reduction is seen chiefly
in the older class of buildings and in
the less fashionable streets. although
several brokers who were questioned on
the price situation declared that many
of the newer apartments built with the
idea of supplying an emergency at as
high price as could be obtained would
have to bring down their ideas to a
reasonable level.
The only increases noticeable have
been in apartments renting from SIC to
$50 room in the lower East Side and
In certain parts of Brooklyn. In West
Bronx. on the other hand apartments
of this type are renting for several
dollars room less than they were a
few months ago. Brokers agree that
the big demand throughout the five
boroughs Is for apartments of $50 and
s60 while apartments in the higher
type of buildings are going begging.
Rock Bottom Prices.
Some sections have undoubtedly been
over built in the boom of the past year,
and in these localities the tenants will
find bargain prices prevailing. Gen.
orally speaking, however. prices show
little variation from the rates prevail
ing throughout the year.
Rents In moderate priced apartments
are about down to rock bottom, consid-
ering the high prices being paid for coal
and the increased cost of service, ac-
cording to one real estate authority In
a position to be familiar with conditions
In all parts OF the city. Owners can't
go much below SIC room for this type
of apartment and get a legitimate re-
turn. he said. and he could not see how
prices could recede much below the pres
ent level.
Many of the real estate dealers have
been deprived of a brisk business be-
cause lessees preferred TO remain in
their present apartments when their ex-
pectations of wholesale rent reductions
failed to materialize.
Labor troubles appear to be looming
UP in the building trades, but even IL
the bricklayers' controversy should re-
suit In n cessation of work on apart-
ment buildings now under construction
II would hardly affect the situation on
October 1.
Building has progressed rapidly and
sn an extensive scale throughout the
Eve boroughs during the last year and
n great many apartment houses and
dwellings have already been completed.
Queens Borough easily led In the num-
ber of buildings planned and the num-
ber OF families provided for. with Brook
lyn, The Bronx and Manhattan follow
ing In the order named.
The New buildings.
The following table shows the number
OF plans filed for new apartments and
dwellings In the five boroughs between
with the number of families these build
tngs are Intended TO house.
Not all OF these structures were COM
menced, OF course. and n great many OF
them still remain uncompleted, but Il Is
estimated by the Bureau OF Buildings
that at least so per cent. are usually
started within a few months of the time
the plans are filed.
MANHATTAN.
Buildings. Families.
Apartments. ............ f04 5,343
Dwellings. s....,.......... 20 81
100 5.37f
THE BRONX.
buildings. Families
Apartments ts'''..'s''.'. i,a5n 1o,o2s
Dwellings. s............... 24S 2,f22 ;.
2O07 r245o
BROOKLYN
Buildings. Families
Apartments. ....s........ hGS 5000
Dwellings. .."........,. 1906 3,so5
3.s7s 1o.2o7
QUEENS.
Buildings. Families
OBSERVATION-DISCLOSURES. Observation-Disclosures. io.S7i 2.isa
Building operations In Richmond have