Apartment rentals New York with Average Manhattan Rents

What Do Increasing Brooklyn Rents Mean for Manhattan?

Brooklyn and Manhattan Rents

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Reports Suggest Tight Rental Market Ahead for Manhattan

Reports Suggest Tight Rental Market Ahead for Manhattan

Well, this bit of news will come as no surprise to those of you who have been following this blog: rents for apartments in Manhattan have risen again, and this trend is expected to continue as summer comes to New York City. The latest rental market report from Douglas Elliman put the median rent of a Manhattan apartment to be at $3,195 per month, which is an increase of 6.5 percent from its value a year ago in April.

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Report: Lower Income Professionals Keeping NYC Rental Market Affordable

Report says lower income professionals are keeping NYC rental market affordable

Apartment rents in New York City have been falling for the past few months, and if a new report by real estate marketing consultant Nancy Packes is to be believed, the market is being kept affordable thanks to the influx of new renters, who, thanks to their lower incomes, are forcing landlords to keep rents cheap in the city. These new renters, who are mostly young and employed in creative pursuits like art, design and technology, are flooding into the city, and they are emerging as the ones controlling the rent swings in New York City.

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Hike in Demand For Long Island City Residences

Hike in Demand for Homes in Long Island City

Although it is one of New York City’s “newer” residential neighborhoods, the real estate scene in Long Island City has been on an upswing for quite some time now. The neighborhood’s luxury housing market in particular has been doing extremely well, with many New Yorkers dismayed by the high rents of apartments in Manhattan looking to Long Island City for more affordable alternatives. However, this increased demand has led to hikes in the rents here as well, with a recent market report saying that Long Island City rentals have seen a $50 monthly rise from their values last year.

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Report: Better Rental Deals in Manhattan, As Compared to Brooklyn

Better Rental Deals to be found in Manhattan, MNS Report Says

After finding it difficult to find a Manhattan rental that fit both their budget and their specifications, it was rather commonplace in the past for New Yorkers to take their apartment hunt to Brooklyn instead. However, these days, a reversal of this trend is happening—recent rental reports suggest that with apartments in Kings County seeing a surge in rents, many apartment hunters are realizing that they may be getting better deals by renting homes in Manhattan itself.

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Concessions Decline Along With Rents in Manhattan

In Manhattan's tight rental market, landlords are offering fewer concessions than before.

Here’s something that should put a smile on the faces of apartment hunters in New York City. Rental reports from Douglas Elliman and Citi Habitats for the month of December say that average rents for apartments in Manhattan have once again decreased, with the average rent coming to just $3,284 a month, an appreciable dip from the whopping average rent of $3,461 that was seen in August. With tight credit conditions forcing many New Yorkers to abandon plans for buying a home, rentals continue to be very much in demand, resulting in a very tight market.

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Scott Stringer: We Need More Affordable Rentals

During the course of this year, New York City has been on a campaign of sorts to champion itself as a place where the country's burgeoning tech industry can both incubate and grow itself. The city has, for the most part, succeeded in this initiative with many tech industry giants like Facebook and Tumblr setting up shop in the city. The city has also promoted the creation of the Cornell University's tech campus on Roosevelt Island, thereby ensuring that New York will now be perceived as a strong rival to the current tech industry oasis of Silicon Valley. So if you work in New York’s tech industry in New York, the city sees you as an incredibly valuable part of the city and is pulling out all stops to make sure you stay on in the city.

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Fall Rental Reports Show Slight Decrease in Rents

As the year nears its end, the latest monthly rental reports from various real estate companies have revealed that just like the temperatures in the city, the rents in Manhattan have also taken a dip, a dip that is particularly interesting given that there was a decrease in rents in the last month as well. However, as we mentioned in our analysis of last month’s rental report, despite the decreases, the average October rents are still at extremely high figures. For instance, the Elliman Report for October says that the average rental price for October was $3,856, an increase of 5.4% from the average rent of $3,658 for the same period last year.

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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.

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Rentals Too Hot to Handle: Increase in Supply and Demand

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.

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