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Looking for Affordable Rents in Manhattan? Head to Murray Hill and Harlem

Looking for affordable rentals in Manhattan? Try Murray Hill and Harlem

If you are looking for an apartment to rent and you’re finding the rents in most Manhattan neighborhoods to be too expensive, the latest rental market report from MNS suggests that you start looking in the Murray Hill and Harlem neighborhoods for your new home. According to the report, while most of the city continues to face an inventory crunch and, therefore, a rise in apartment rents, these two neighborhoods are standing out from the rest by asking rents that are still, surprisingly, affordable and reasonable in this volatile market climate.

Hike in Demand For Long Island City Residences

Hike in Demand for Homes in Long Island City

Although it is one of New York City’s “newer” residential neighborhoods, the real estate scene in Long Island City has been on an upswing for quite some time now. The neighborhood’s luxury housing market in particular has been doing extremely well, with many New Yorkers dismayed by the high rents of apartments in Manhattan looking to Long Island City for more affordable alternatives. However, this increased demand has led to hikes in the rents here as well, with a recent market report saying that Long Island City rentals have seen a $50 monthly rise from their values last year.

Compared to Sales, the Rent in Manhattan Ain’t Bad

Manhattan Luxury Rentals SkylineWhen compared to the cost of buying an apartment in Manhattan, rental prices in the borough aren’t actually that bad. A study released on Friday by the Federal Reserve Bank of New York says that apartment prices in New York City have risen considerably faster than rents have in recent years. This split has raised some serious questions about the outlook for housing prices in the city as well as the sustainability of current prices. “Manhattan price-rent ratios, although off their 2008 highs, are still up dramatically over the past two decades, suggesting less financial ‘value’ today in an apartment purchase there,” said New York Fed economist Jason Bram, writing in the bank’s Current Issues in Economics and Finance.

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.