Apartment rentals New York with Affordable Rental Apartments

Scott Stringer: We Need More Affordable Rentals

During the course of this year, New York City has been on a campaign of sorts to champion itself as a place where the country's burgeoning tech industry can both incubate and grow itself. The city has, for the most part, succeeded in this initiative with many tech industry giants like Facebook and Tumblr setting up shop in the city. The city has also promoted the creation of the Cornell University's tech campus on Roosevelt Island, thereby ensuring that New York will now be perceived as a strong rival to the current tech industry oasis of Silicon Valley. So if you work in New York’s tech industry in New York, the city sees you as an incredibly valuable part of the city and is pulling out all stops to make sure you stay on in the city.

Manhattan Rental Report Shows Big Drop in Inventory in November

As the year draws to a close, the latest rental report from MNS for the month of November reveals that rents in Manhattan have fallen again, hence following the trend seen in the borough’s rental market since fall began. However, the decrease seen in November is a very small one, with the average decrease across units reported as only $19. However, professionals following the real estate market closely over the past few years will probably not be too surprised by these values, because decreases in rents are traditionally seen during the same time as temperatures fall in New York City. Besides, the rents here had been on an upward spiral up till September, and had also plateaued at really high values. But November’s report is noteworthy because of the drop in the city's inventory, thanks to a market that was already short of apartments and Superstorm Sandy shuttering many of the new buildings as well.

17 Displaced Renters of Atlantic Yards Headed Back to the Neighborhood

The Atlantic Yards project in Brooklyn was one of the most contentious real estate developments seen in New York City in recent times, with critics lashing out at the 22-acre project that would see commercial office space, residential housing and a swanky sports arena arrive in Downtown Brooklyn. Of the three components of the Forest City Ratner project, the Barclays Center arena opened up a few months ago, and now, the next in line seems to be the housing units, with the first Atlantic Yards apartment building scheduled to be open by summer 2014.  

Fall Rental Reports Show Slight Decrease in Rents

As the year nears its end, the latest monthly rental reports from various real estate companies have revealed that just like the temperatures in the city, the rents in Manhattan have also taken a dip, a dip that is particularly interesting given that there was a decrease in rents in the last month as well. However, as we mentioned in our analysis of last month’s rental report, despite the decreases, the average October rents are still at extremely high figures. For instance, the Elliman Report for October says that the average rental price for October was $3,856, an increase of 5.4% from the average rent of $3,658 for the same period last year.

Have Your Neighborhood and Afford It Too

It seems like it should have been a tough month for the rental market in Manhattan. Hurricane Sandy managed to unearth a plethora of rental nightmares, obscure landlord-tenant laws, and insurance claims. Though concerns over storm-related safety has so far been shown to rarely push renters out of their current neighborhoods, uncertainty pervades both landlord and tenant. Nevertheless, the weeks prior to the hurricane optimistically, and perhaps predictably, revealed a strong rental market. Price and location, at least for Manhattan apartment rentals, remain the determining factors. Here are four neighborhoods whose coveted locations could also be catered to your next affordable rental opportunity.

U.S. Asks New York Landlords for Vacant Apartments Amidst Post-Sandy Housing Crisis.

City Officials are looking for vacant housing to help displaced families.In the aftermath of Hurricane Sandy housing is becoming scarcer. And with cold weather on the way, city, state, and federal officials are trying to assemble a pool of vacant houses to supplement New York City's shelter system. While many people have been clinging to their apartments despite not having heat or hot water, officials are worried that another wave of people, numbering in the hundreds if not the thousands, will seek shelter as temperatures fall. “We feel a real imperative to have something in place when the second surge comes,” said Matthew M. Wambua, the city’s housing commissioner. With the electrical outages and the encroaching winter season, many people are left wondering where, and how, they are going to stay warm.

Looking for Good Rentals in Manhattan? Try Harlem and Inwood

If you are looking for a new apartment in Manhattan, chances are that you are going to be looking for homes in neighborhoods like the Upper West Side or Greenwich Village. After all, these are the neighborhoods that are enjoying a lot of buzz, thanks to both the quality of the homes in the area, as well as the livability of the area itself. Having said that, the apartments here won’t come cheap, since rents, after all, are so closely correlated with the reputation of the neighborhood. But there are exceptions to the rule—there are some Manhattan neighborhoods that are currently on the upswing, and the rents there haven’t shot through the roof—yet.

Is the High Cost of Housing Stunting New York’s Economic Growth?

High cost of housing may be slowing New York's economic growth.Although affordable housing was high on Mayor Bloomberg’s list of initiatives, housing costs continue to rise, due perhaps to the market subtracting units faster than Bloomberg can put them up. This has led to a spike in the percentage of income that New Yorker’s are spending on rent. According to a new Harvard paper, the high cost of housing is directly linked to the slowdown of economic growth. This is a problem that is compounded by New York’s high unemployment rate compared with the rest of the country. This seems to occur because New York hires people from out of state and few middle class residents see the benefits.

High Rents Squeezing Middle-Class Families in New York

New Yorkers looking for lower rents are finding little relief in the current marketCity Comptroller John Liu released a report last Wednesday stating that rising rents are increasingly putting pressure on middle-class families. The new report showed that half of all city households typically spend more than 30% of their income on rent alone, compared to 26% nationally. Rent becomes officially unaffordable when it goes over 30%, according to federal benchmarks. Middle-income apartment renters, defined as people earning between $35,000 and $75,000 annually, face the most pressure in Manhattan, where 45% pay rent that falls into the officially unaffordable bracket. This high rent is unfortunately not unique to Manhattan apartments however. Rents have also been creeping up in Staten Island and Queens, where 44% of the middle-class residents are shouldering unaffordable housing costs.

NYC: Rents Rise, Expenses Rise, But Incomes Stay Stagnant

New York City has always been known as a very expensive place to live in. Be it a wholesome meal or even just a ride on the subway, it is a common feeling among New Yorkers that they are paying more “for everything” than their counterparts in other cities around the country. This rift is best seen in the living expenses faced by residents of New York City, and now there’s proof. “Rents Through The Roof,” a new report released by the City Controller John Liu has revealed that almost 30% of New Yorkers use up more than half their income to just pay rent.

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