Apartment rentals New York with Average NYC Rents

In Manhattan, as in Brooklyn, Demand Consistently Rises

It seems that in Manhattan, a new tall, glassy building appears to be racing towards the sky every minute. While this isn’t exactly the case, the planning and production rate of these buildings does occur at a steady pace.

Rent Stabilization Association Fights Rent Freeze

rent stabilization association

President of the Rent Stabilization Association: Joseph Strasburg 

The Rent Guidelines Board (RGB) will be making a highly debated decision next week in regards to a percentile increase of rent stabilized apartments. Although this vote takes place every year, this year’s decision has been exceptionally publicized due to a potential rent freeze. Bill de Blasio, the first mayor to ever run on the platform of a rent freeze, may come through on his promise—considering that over half the board has been given a seat via his appointment. Although the board favors implementation of the first rent freeze in NYC history, the Rent Stabilization Association (RSA) has other ideas.

The story of NYC’s Rising Rents

NYC rents

A city with a million tags and titles, and a glossy lifestyle, attracts millions every year from across the globe to visit, move in, and buy a spot in high-rises across the city. Once they dive into the reality of the real estate market is when they feel the pinch in their pockets.

The New Normal: NYC's Average Rent is Now Over $3000 Per Month

Image Courtesy of WNYC

It's certainly no secret that the cost of living in New York City is outrageous. The food, the entertainment, and worst of all, the housing, are no doubt albatrosses around the necks of city-dwellers looking to take advantage of everything the city's splendors. And, according to a recent report from the real estate research firm, Reis Inc., sustaining one's ideal lifestyle is now harder than ever. The not-so-shocking report states that, for the first time during the second quarter, New York City's average rental rate has surpassed $3,000 and has reached a whopping $3,017 a month.