Apartment rentals New York with Brooklyn Rentals

New York City Rent Prices Rise While Vacancy Rates Fall

Courtesy of: Anthony Quintano/ Flickr

Apparently, warmer weather coupled with high consumer demand this past June contributed to higher rental prices in New York City. The latest Elliman report shows that the median rental price for Manhattan rose to $3,300 - a 3.3% increase from the same month last year and the highest it has been in more than 5 years. The June vacancy level fell to 1.64% from last period's 1.83%, and is the lowest June level in the 5 years the metric has been tracked.

February Rental Report: Who's Hip?

Brooklyn Manhattan Skyline

In February 2014, the median rental price in the borough of Manhattan has fallen once again from the previous month, January 2014, at a rate of -0.4%. This equates to six total months of median rental decrease. Since last summer rent can be considered as remaining flat, but although the decreases are definitely on a small incremental scale, they are in fact continuing to decrease. Giving Manhattan renters something to smile about, well a small smile in the least. Comparing February 2014 to February 2013 we see a -2.8% decrease in the median rental price, decreases remaining steady on this front, for now at least.

Update: Dock Street Site In DUMBO

Big news in Brooklyn: Two Trees Management Company began building on the Dock Street site in DUMBO. This building had received plentiful opposition because it will be blocking views of the Brooklyn Bridge. Celebrities even chimed into the decided opposition with protesters including, Helen Hunt, Gabriel Byrne, Gary Sinise, Ana Gasteyer, and more. Surviving this opposition, the Dock Street mixed-use building is currently ascending into the rendering that was released late last year.

Affordable Apartments in Williamsburg Help Earn Domino Approval

Domino Sugar Factory Rendering - SHOP

On Monday, Two Trees’ conversion plans for the Domino Sugar Refinery in Williamsburg received approval from Community Board One’s Land Use Committee in Brooklyn. Two Trees will propose the plan to the full community board in the near future.

Nationwide Condo Conversions Increase, but Brooklyn Sticks to Rentals

Williamsburg Bridge

What do developers do when their condominiums remain vacant? They turn them into luxury rentals, of course. At least, that’s what developers across the country decided to do during the recession. When the recession hit, foreclosure was one of the most feared words, leading to a hike in the number of people choosing to rent, which triggered higher monthly rents.

Now, the Wall Street Journal reports, landlords are moving in the other direction, converting their rentals into condos, indicating recovery in the sales market. Tenants are even going out of their way to ask landlords if they can buy their apartments.

September Rental Report: Manhattan Slows; Brooklyn Grows

Brooklyn Bridge to Manhattan at Sunset

The latest report is in, and according to Elliman, the median manhattan rental price finally decreased for the first time since June 2011. The median rent for an apartment in Manhattan slipped 3.1% from the same month last year, down to $3,095 per month in September. The numbers weren’t straight across the board, however. In year-over-year numbers, there was a slight price decline in studio and one-bedroom apartments, while there was an increase in price for two- and three-bedroom apartments.

Suing for Greenpoint: There’s Something in the Water(front)

Greenpoint - Brooklyn, New York

South of Greenpoint, there’s Williamsburg—the trendy neighborhood with acres of new waterfront development. North of Greenpoint, there’s Long Island City—a neighborhood much like Williamsburg, with a new attitude and waterfront development. Then there’s Greenpoint—a neighborhood that recently was polled as the “roughest looking” neighborhood in New York City, which developers are, of course, eyeing for waterfront development.

New to the Market: The Williamsburg Rentals Starting at $2,290

The Williamsburg Luxury Rental

Well, renters of New York City, we have some good news and some bad news. The Williamsburg at 373 Wythe Avenue in Williamsburg (of course) has finally began leasing. The 11-story Karl Fischer-designed building has 88-units of studios, one- and two-bedroom apartments. The Williamsburg is located in one of the most desirable neighborhoods in all of the city, so it’s expected to reach occupancy extremely quickly.