Apartment rentals New York with Building Rentals

Compared to Sales, the Rent in Manhattan Ain’t Bad

Manhattan Luxury Rentals SkylineWhen compared to the cost of buying an apartment in Manhattan, rental prices in the borough aren’t actually that bad. A study released on Friday by the Federal Reserve Bank of New York says that apartment prices in New York City have risen considerably faster than rents have in recent years. This split has raised some serious questions about the outlook for housing prices in the city as well as the sustainability of current prices. “Manhattan price-rent ratios, although off their 2008 highs, are still up dramatically over the past two decades, suggesting less financial ‘value’ today in an apartment purchase there,” said New York Fed economist Jason Bram, writing in the bank’s Current Issues in Economics and Finance.

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Displaced Manhattan Renters Face New Challenges

Many renters are now looking for new places while their current buildings are uninhabitableLast week’s Hurricane Sandy left many New Yorkers without food, water, power and most of all, without a home. Mayor Bloomberg instated safety precautions in which residents in “Zone A” across the city were mandated to evacuate their building’s to prepare for the life-threatening disaster that was to come. Now, a week later, New Yorkers are trying to recover from the storm but many residents are still displaced. Some residents have long waits of weeks and months before returning to their homes. There are few residents who have no clue as to when they can return to their place of rent due to a lack of communication from building managers. With so many New Yorkers still displaced, the question of how rent payments are being handled lingers in the air.

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July: Manhattan Rental Market Follows June Trends

After all the cheering for the good news coming out of the Manhattan real estate sector in June, the good spell for the housing market has continued through to July as well. The latest report by real estate firm Citi Habitats reveals that the vacancy rates for apartments in Manhattan have risen to 1.2 per cent, an increase that bodes well for those hunting homes in the city. The highest vacancy rates were seen in the East Village with 1.65 percent, followed closely by the Upper West Side with 1.56 percent and Murray Hill with 1.52 percent. Once again, people looking for homes in the city are at an advantage, and should make use of this time wisely to find their dream homes.

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The Widespread Effects of Rent Regulation in NYC

It’s a policy that dates back to World War I: rent regulation. A housing law that currently applies to 62.6% of the rental units in New York City, rent regulation’s effect on the city’s inhabitants cannot be underestimated. However, rent regulation is far from universally accepted throughout NYC. Recent controversy arose when landlords from the Upper West Side filed a federal lawsuit advocating for the removal of rent regulation due to its alleged unconstitutionality. For many landlords of rent-regulated apartments, it seems unjust that residents could afford to endlessly renew their leases.The importance of rent increases and alterations can furthermore be seen in the recent decision by the Rent Guidelines Board to allow landlords to make a  2% rent increase on 1-year leases and a 4% increase on 2-year leases.

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Manhattan Rental Market Soars to New Heights

As the rental market thrives in Manhattan, rent continues to climb upIt’s a fundamental rule of the world: high demand = high prices. And with demand for new rentals in Manhattan at an absolute peak, this rule is certainly holding up. With a relative decrease in the amount of new construction over recent years, any open rental apartment in Manhattan is greatly desired, so it's no wonder that the rents keep rising. The city’s vacancy rate fell to .89% in May, a clear indication that the market's few listings are in high demand. Yet while exorbitantly high rent may be a difficult aspect for many to deal with, there are always ways to find comfortable and affordable living situations in Manhattan.

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How to Find Deals Without Leaving Manhattan

Apartment renters can still find deals in Manhattan if they look closelyDo you hear that? It’s the sound of taxicabs buzzing by and New York residents stomping their way to work; the sound of busy restaurants serving customers at their outdoor tables; the sound of dogs roughhousing in the dog runs at Central Park. Yes, Manhattan is alive and well, so it's no surprise that millions are trying to make Manhattan their permanent home, although high rents are making it hard for many. This financial duress is causing some to look across the river and to the north to find affordable rental apartments. But savvy renters shouldn't lose hope, because those that have been persistent enough to keep looking for high-quality rental apartments in Manhattan are still finding deals.

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