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March Sees Rents Rise in Both Manhattan and Brooklyn

March sees rents rise in both Manhattan and Brooklyn

Well, don’t say we didn’t warn you: the latest rental market report from Elliman says that rents in Manhattan and Brooklyn have been steadily rising since the beginning of 2013. Increases in rental prices have been seen across all apartment sizes in the city, with the average rents in Manhattan and Brooklyn coming up to $3,930 and $2,971, respectively, in March.

Keep Your Cool: 5 Tips for Surviving the NYC Summer Rental Market

To those who follow us here at Luxury Rentals Manhattan, all this talk about the resurgence of the Manhattan rental market may seem like beating on the same old drum. After all, we’ve predicted the eventual perk-up of the real estate market in all its stages, from the barely-glimmering pulse of life to its gargling infancy, from the rental market’s irritable adolescence to its full-fledged ripening. And there’s been no surer sign of the NYC rental market’s full comeback than May’s most notable statistics: prices hiking roughly .68%, vacancies dropping to .69%, and the return of the grueling competitive sport known as rental bidding wars. With all our warnings of fewer landlord concessions and high demand, a renter scouring NYC apartment listings might be feeling a bit in the doldrums at his or her prospects of securing a dream apartment. But at the Luxury Rentals Manhattan blog our goal is not to terrify, but to help. There’s no need for doom and gloom just yet: here are five useful pieces of advice for NYC newcomers tackling the competitive Manhattan summer rental scene.

Remember The Good Times: Concessions Seemingly On The Way Out In 2011

We talk about the renter's market here at the Luxury Rentals Manhattan blog the way that older men in bars talk about their high school football days, but we do so for a reason -- those were good times to be in the market for Manhattan rental apartments. Not only were rents down -- or, at the very least, flat -- but concessions abounded from the bottom of the market to the top. As the renter's market has receded during the NYC rental market's return to form, those concessions have become harder nad harder to find. They're still out there, of course -- there are plenty of no-fee rental listings in Manhattan and, oddly enough, concessions are still available to find at new construction luxury rentals such as The Ohm and 808 Columbus Avenue -- but concessions have been harder and harder to come by in recent months, despite widespread hopes that there would be a concession bounce-back in the fall. Just-released fourth-quarter statistics make it plain -- the last few months have seen the number of concessions fall by more than half from where they were in January of 2010 and are roughly a third of what they were at the end of 2009. Good news for landlords, in short, but less so for those hunting for Manhattan rental apartments. Combine this with a bump in rents and a low vacancy rate, and it's hard to find a silver lining in all this. Luckily, it's out there.

Leaves Fall, No-Fee Apartment Listings Rise, or Why We Love NYC Real Estate In Fall

The specific numbers are different from quarter to quarter, of course, but for the most part the last few rounds of NYC rental stats  all point to the same conclusion -- the market for Manhattan rental apartments is strong, and growing stronger with each passing month. Which sounds great, of course, but has been less than great in practice for Manhattan rental apartment hunters. With vacancy rates back under one percent and rents rising slowly but steadily, all the things that made the less-than-strong NYC rental market of old so appealing for renters have become harder and harder to find. Regular readers of the Luxury Rentals Manhattan blog have probably noticed that posts like this have become something of a regular presence in this space. Gone, we note in tones of deep regret, are Manhattan rental apartments offering concessions, gone are the free months of rent and gym memberships and suchlike. Gone are the no-fee... oh wait, what's that? Some high-end new construction rental buildings are actually still offering up appealing concessions? And no-fee NYC rental listings are on the rise even though the rental market is strong and getting stronger? Must be getting cold outside. (Yes, that actually is how it works)

That's Cold: In Sweltering Summer, NYC Rental Apartments With Utilities (Read: AC) Included Become Hot Commodity

As a general rule, a luxury rental apartment in Manhattan is something of a prize. Some Manhattan rental apartments are more prized than others, and more prized by some NYC dwellers more than by others -- no fee NYC rental apartments are both rare and money-saving, which gives them some obvious value; the appeal of green rental apartment listings is no less obvious. But with New York City sweating out what is turning out to be one of the hottest summers on record, a new type of Manhattan rental listing has surged to the top of the list of most desirable NYC rental properties. In the New York Times, Sam Dolnick describes the appeal of the ultilities-included rental apartment, in which the absence of apartment-specific electricity monitoring enables round-the-clock air conditioning blastage. So, is the utilities-included rental apartment the new holy grail of Manhattan rental listings? Or is it just an especially inefficient way for some NYC dwellers to create a huge, 66-degree carbon footprint for themselves? Who says it can't be both?

NYC Renters Market In Retreat: Rents Up, Vacancies Down On Manhattan Rental Apartments

Like a heroine in a Russian novel, the Manhattan real estate market is never more lovely than when it's ailing. For NYC dwellers looking for Manhattan rental apartments, at least, a weak NYC rental market is a friendly NYC rental market, with all the rental concessions, no fee apartment listings and deals on Manhattan luxury rentals that entails. But while the economies of New York City and New York state are still struggling along, the NYC real estate scene has surged back to robust health in recent months. For landlords, this is great news. For people searching Manhattan rental listings, it's somewhat less so. The July New York City rental report by The Real Estate Group New York bears why that is -- the almost total disappearance of rental concessions, the scarcity of no-fee rental listings, and a modest but notable across-the-board hike in rents on Manhattan rental apartments. Read on, if you dare.

Lowering The Volume: Why Are Manhattan Rental Apartments So Hard To Find This Summer?

Prices on Manhattan rental apartments are down, which is good news for -- obviousness alert -- people looking for Manhattan rental apartments. But like all good news in NYC real estate, there's a catch, here. While it's easier to find a Manhattan rental listing at the price you want, it's getting harder to find a Manhattan rental listing period. Even during the summer, which is traditionally the prime time to find a Manhattan rental apartment, NYC apartment inventory is low and the market is, while still comparatively cheap, also surprisingly tight. The Apple Peeled takes a look at this curious and seemingly contradictory real estate trend and tries to make some sense of it.

From "No Fee" To "No, Fee": WSJ Reports That Landlords Less Willing To Pay Broker's Fees On Manhattan Rental Apartments

We obviously spend a great deal of time surveying the market for Manhattan rental apartments here at the Luxury Rentals Manhattan blog -- the fact that this is the Luxury Rentals Manhattan blog might've been some indication of this. But while there's plenty of good news for NYC dwellers looking for a luxury rental in Manhattan, and we do our best to report it, the one topic we've kept coming back to over recent weeks and months is the decline (or not-decline) of the renter's market in Manhattan real estate. For the time being, we'd describe the renter's market as, if you'll pardon the real estate jargon, "still kind of happening, for the most part." But while prices are still fairly low on Manhattan rental listings, the perks that defined the renter's market at its peak -- from landlords paying fees to highly negotiable listing prices on rental apartments -- seem to be fading into the past. In the Wall Street Journal, Dawn Potapka delivers an obituary for the days of landlords gladly paying fees on Manhattan apartments. Let us bow our heads: