Are rental prices coming down at all?

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Forum -> Inquiries & Offers -> Lakewood, Toms River & Jackson related Inquiries

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amother

Almond

Thu, Dec 21 2023, 12:06 am

What happened now that it went from a major shortage of apts to an overload of apartments?
(I don't live in lakewood)

amother

Hosta

Thu, Dec 21 2023, 1:19 am

Anyone know what is the going rate for a 2-bedroom apartment suitable for a Chosson/kallah? Can anything be found in Yeshiva area, so they won’t need 2 cars?

amother

Bellflower

Thu, Dec 21 2023, 4:52 pm

amother Hosta wrote:

Anyone know what is the going rate for a 2-bedroom apartment suitable for a Chosson/kallah? Can anything be found in Yeshiva area, so they won’t need 2 cars?

In my brothers building a lot of people just left, I asked him what is the price all the new people are paying?
He said $1800

Try calling all the buildings, there was just an article in some Frum rag that a lot of people are moving from yeshiva area now, maybe something is available, some places don't have waiting list you just call them every day until something comes available.

GLUE

Thu, Dec 21 2023, 5:05 pm

amother Almond wrote:

What happened now that it went from a major shortage of apts to an overload of apartments?
(I don't live in lakewood)

I think the price of rents.

Last year my brother was raised about %50, he and his wife looked at there options and found that nobody is going to renting a basement to someone with 4 kids, everyone now wants newlyweds.
To rent a house is about the same price as a mortgage, they found a shack in Jackson the first floor is the same size as there basement now plus it comes with a basement that is a finished one room good for a playroom. Many of his friends are moving into such places now.
I was talking to my neighbor whose daughter became a Kallah a few months ago, she told me that many of her daughter's Chasons friends are buying a condo in some place I forgot were I think it's in either Brick or Tom's River and after all the fee's, condo real estate, mortgage it's still cheaper then a $2,000 basement.

So it could very well be that the old people are moving out and the new couples are why should I pay so much for a temporary apartment when I could buy a condo and pay the same price or less?

amother

Poinsettia

Thu, Dec 21 2023, 5:29 pm

A few months ago a small 3 bedroom house in woodbine was $3100. I saw one listed today at $2500.

amother

Hydrangea

Thu, Dec 21 2023, 5:44 pm

amother Almond wrote:

What happened now that it went from a major shortage of apts to an overload of apartments?
(I don't live in lakewood)

Prices went up during covid when no couples were going to Israel

Now couples are going to Israel

keym

Thu, Dec 21 2023, 6:15 pm

amother Hydrangea wrote:

Prices went up during covid when no couples were going to Israel

Now couples are going to Israel

And also the construction break during COVID.

amother

Mon, Jan 29 2024, 10:34 pm

Bump.

Im curious what the going rental price for an older townhouse (15+ years).
Sterling Forest, Chateau, Presidential, Dena/Shoshana, Tamarind, Elmwood, Always.

No attic.
No upgrades.
Just a classic 5 bedroom, 2 1/2 bathroom basic townhouse.

amother

Bellflower

Mon, Jan 29 2024, 10:37 pm

Did you look in the Masa and see what they are going for?
Did nobody in the Masa put in a price?

amother

Poinsettia

Mon, Jan 29 2024, 11:15 pm

amother Viola wrote:

Duplex, 5+ bedrooms, 3.5 bathrooms, really beautiful and upgraded like island in kitchen and hardwood flooring throughout.
asking 3,800

I’m moving in to a house that fits your description and I’m paying $3k

amother

Chestnut

Mon, Jan 29 2024, 11:44 pm

I was going to say somewhere around $3k give or take a little

amother

Saddlebrown

Mon, Jan 29 2024, 11:59 pm

Is 3k a normal price? It seems so expensive to me. Maybe I just need to get with the program but there are pages and pages in the masa umatan, wouldn’t landlords rather get some money than leave it empty? We’re looking to move to a house (rental) but can not afford the 3K per month…

amother

Apple

Tue, Jan 30 2024, 12:05 am

amother Saddlebrown wrote:

If basements are around $2000 it makes sense that houses are around $3000.

amother

Buttercup

Tue, Jan 30 2024, 12:16 am

Crazy. About six years ago we rented in prospect square and all the upstairs rents were $2000-$2100. They raised them as high as $4500 about three years ago. The mortgages didn’t go up !

amother

Chestnut

Tue, Jan 30 2024, 12:23 am

amother Buttercup wrote:

Crazy. About six years ago we rented in prospect square and all the upstairs rents were $2000-$2100. They raised them as high as $4500 about three years ago. The mortgages didn’t go up !

Even if mortgages didn’t go up, all other expenses did. People rent out their homes to cover their expenses.

amother

Caramel

Tue, Jan 30 2024, 1:30 am

Paying around $3800 for a brand new duplex …recently moved

amother

Tue, Jan 30 2024, 6:50 am

Ok.
But if duplexes and new construction are 3k-3800 then what's reasonable for a old townhouse. No upgrades. 15 years old.

amother

Eggshell

Tue, Jan 30 2024, 7:32 am

I think that houses down Rt 9 generally go for lower because of the location.

amother

Chestnut

Tue, Jan 30 2024, 7:46 am

If basement’s are around 2 and newer houses start at at 3800 then townhouses would be around 3.

mig100

Tue, Jan 30 2024, 8:40 pm

amother Buttercup wrote:

Crazy. About six years ago we rented in prospect square and all the upstairs rents were $2000-$2100. They raised them as high as $4500 about three years ago. The mortgages didn’t go up !

Rent goes according to value of the current real estate not what it was purchased at 5 or 10 or 30 years ago.

That said doubling rent on a current tenant has limitations

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