Apartment rentals New York with Affordable Rental Apartments

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.

New Luxury Rental Building Coming to Alphabet City

We recently wrote about how Alphabet City in the Lower East Side is attracting lots of new residents, thanks to its cool and cultural vibe. Despite its gritty past, the neighborhood has transformed itself to a hip and trendy one and New Yorkers are eager to be seen and heard around this happening locality. Now, as the value of the neighborhood as a residential haven continues to rise, real estate developer Rash LLC has stepped up and decided to build a new luxury rental building in the area.

How To Simplify Your Manhattan Apartment Hunt

Finding an apartment to rent has often been portrayed as one of the most difficult things to do in New York City. Many a television sitcom has capitalized on the theme of New Yorkers navigating their way through the supposedly murky rental market here; a motif which has now become accepted as fact by many newcomers to the city. However, what is important to realize is that such horror stories of apartment searches are usually caused by a lack of preparation and readiness in securing the ideal apartment. If you're willing to put in a little time, planning, and preparation, then finding an apartment in one of Manhattan’s neighborhoods won’t be strenuous.

Manhattan Landlords Get New "Lease" on Life, Impose Restrictions on Renters

The autumn winds are descending on New York City, which can only mean one thing--there’s a storm coming. Fall is a banner season for the Manhattan rental market, and projections for the final three months of 2012 look to heighten this precedent. Rental prices hit a record high in July, totalling about $3,459 per month. That’s an astounding sum to pay for a single apartment. Before you head out to the nearest agency, be prepared to encounter stricter lease requirements. Now that the market is on fire, landlords are allowed to demand the very best of their tenants.

Manhattan Rental Market Still Strong, August Report Says

There was some debate at the end of July when people wondered if rising rents in Manhattan had finally reached their zenith and would perhaps come tumbling down in August. After all, like many said, once you reach the top, you can only come down. Well, the numbers are out now and it seems that “the top” has not yet been reached! Apartment rents in New York City continue their upward rise, and the rental market is as robust and vibrant as ever. The numbers showcase this trend best: rents for studio apartments saw an increase of 1.2%, and one-bedroom and two-bedroom apartments saw increases of 1.4% and 0.9% respectively.

Low Rents and Cool Culture Draws Residents to Alphabet City

Despite the seemingly kid-friendly name of Alphabet City, this neighborhood situated within the Lower East Side was, for a long time, known as one of the gritty and grimy neighborhoods of New York City. However, the wild days of Alphabet City have drawn to a close and the neighborhood today has become an increasingly desirable place for young people and families, who are taking advantage of Alphabet City’s transformation into one of Manhattan’s hip, trendy and, most importantly, affordable neighborhoods to live in.

Chic Becomes Affordable on the Upper East Side

Classy, chic and comfortable—these are the words that are often used when describing the Upper East Side neighborhood of New York City. And now, here’s another adjective to throw into the mix: cool. At first, this may be a little hard to comprehend; after all, this Manhattan neighborhood has long had a reputation of being rather pricey, thereby keeping hip (but cheap) New Yorkers at bay. With its beautiful pre-war buildings that are located blocks away from Central Park, apartments on the Upper East Side have always been in high demand and, therefore, have been mostly out of reach for the “cool crowd.” But, of late, the homes here have suddenly become affordable, and the reason for that is, interestingly enough, coming from underground—the Second Avenue Subway construction.