Photo: The Living Room at 605 West 42nd Street A new year has begun and rental predictions for NYC real estate in 2016 are already dynamic seedlings of thought. Although the city is a shapeshifting landscape with equally elusive intangible and concrete trends, it’s still fun to forecast the future.

Battery Park City, bordered by the Financial District on West Street, is planned community located on the southwestern tip of Lower Manhattan and a prominent example of community renewal. Surrounded by the Hudson River on three sides, this 92-acre stretch of land has grown into an intimate part of New York City that flawlessly balances urban living with an array of scenic views and green spaces.

Image via Wikimedia Commons

  You have finally found the perfect apartment, with a view of the city you’ve always dreamed of, through classic wooden panel windows. You have a washer/dryer, a beautiful courtyard, and your favorite furry companion is welcome too. But before you sign the lease for your new luxury apartment, beware of these hidden costs that can sneak up on you and add thousands to your rent:

Recent reports on the rental market in Manhattan have said that rents in the city have seen a decline over the past few months; a decrease that is consistent with the market slow down that is traditionally seen around this time of year. After a summer that saw rental prices in the city shoot through the roof, the statistics for November show that there has been a third consecutive decline in prices being asked for rental apartments in Manhattan.

Luxury rentals in Manhattan are this fall’s hot commodity. They are flying off the proverbial shelf faster than Apple’s iPhone 5. Major New York real estate periodicals are saturated with daily listings of new apartments vying for the attention of potential tenants. Those looking to rent an apartment in Manhattan better act quickly, for a home’s lifespan on the market is brief. With such a burgeoning industry, renters may be inclined to take their time in choosing the perfect place. However low interest rates and other economic factors have dwindled the waiting period, contributing to this renting frenzy.

One of the perks to living in New York City, besides the bagels and the halal carts, is that sooner or later, one is bound to run into some famous celebrity out and about in the city. Some lucky New Yorkers have stumbled onto a movie set in Midtown West and met one of the stars of “Ocean’s Eleven,” while others have been flabbergasted to realize that they have been shopping alongside a “real housewife” in a trendy Manhattan store on Fifth Avenue. But there are some among us who haven’t yet seen a star in the city yet. So, if you are a New York City resident who hasn’t had a chance celebrity encounter to share with friends yet, we have a suggestion to help you in your star quest.

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.

Two new market reports released this week confirmed what we already knew but added a few twists to the story. According to both reports, rents in Manhattan for luxury rental apartments continued their upward year-to-year trajectory in March. These median and average rent increases were elevated by a dearth of landlord concessions, something that we at Luxury Rentals Manhattan wrote about previously. The real shocker was that one report found that the average rent in for rental apartments in Manhattan in March, not including concessions, reached $3,418 a month, breaking the previous all-time high set in May 2007. The picture isn’t quite as one-sided as it appears though. Hidden beneath all these highs, there are some signs that the scales may finally be tipping back in favor of renters.