Apartment rentals New York with New York City Luxury Rental Apartments

It seems that buying is no longer the best option....or that’s what Millennials in Manhattan seem to think. While many young professionals in New York can afford to put a down payment on a six-figure apartment, they are choosing to rent instead. According to the Observer, “With their increasingly mobile jobs and lifestyles successful New Yorkers in their 20s and 30s are shying away from making a commitment to one city, let alone one apartment. And despite Manhattan’s astronomical rents, it’s costlier still to buy here with the average Manhattan apartment now going for $1.73 million, a record high.”

With many of Manhattan’s popular neighborhoods getting denser by the day, it is only natural that people looking for homes in the city are looking for newer, but traditionally overlooked, neighborhoods to move into. One such neighborhood, which has found many takers among the renters of New York City, is the quiet yet evolving locality of Hamilton Heights in West Harlem. With Manhattanville on one end and Washington Heights on the other, Hamilton Heights is in the midst of a revival of sorts, with people coming in to the neighborhood to make use of its low rents and great living atmosphere. The average rent of a one-bedroom apartment here comes to $1,600, whereas buying a townhouse would cost you about $1 million, a fraction of the cost of a similar home in Brooklyn.

How quickly we forget. 10 years ago, the High Line was a rusted artifact, a blight on West Chelsea, and a large part of the reason that West Chelsea remained underdeveloped and cheaper to rent in than Chelsea itself. West Chelsea has always been something of a separate neighborhood because of its industrial character, slightly out-of-the-way location, and cheap rents relative to the rest of Chelsea and other downtown neighborhoods. However, the High Line changed everything, and that’s not an exaggeration: Rents in West Chelsea now exceed rents in Chelsea, consequently pulling them upward and enhancing the neighborhood as a whole. In fact, rents for luxury apartments in West Chelsea have become similar to neighborhoods like SoHo and Tribeca, Manhattan's most expensive and coveted neighborhoods. Renters looking for great new luxury rentals should look to West Chelsea, because condo owners are cashing in on this sudden popularity by renting out their apartments, giving renters a unique opportunity to live in a neighborhood rich in culture and on the rise.

Diversity is a term long associated with the melting pot that is NYC, but one rarely synonymous with Manhattan luxury rental apartments. However, in the past few years, dozens of luxury rental buildings have been developed with the financial assistance of the 80/20 program, which aims to provide affordable housing with a luxurious twist. This program, which has become especially popular since 2008, requires that 80% of the luxury apartments in the building utilizing this policy are rented at market-rate prices, while the remaining 20% are offered below market. But while many low-income families will benefit, at times living literally across the hall from their wealthier neighbors, those with higher incomes are poised to profit as well.