Apartment rentals New York with Chelsea Rental Apartments

The three most important words in real estate, as even non-real estate types know, are location, location and location. This would be why we worked so hard on the "Apartments Near" modality at Luxury Rentals Manhattan. But if we could add a fourth word to real estate's holy (and wholly redundant) trinity, it would be "scarcity." You don't need to be Paul Krugman to know how this works -- the fewer available rental apartments there are, the more prices tend to climb. (Scarcity has always been a big part of the appeal of no-fee rental apartment listings -- in addition to the fact that no fee rentals are a great value, naturally -- but we're already seeing the effects of an improving NYC real estate market in the shrinking number of no-fee rental apartments) The fact that Manhattan's rental vacancy rate continues to fall further and further below one percent suggests that, as previous studies have indicated, the recovering NYC rental market is going to lead to higher prices on Manhattan rental apartments. With the usual caveat that there are still plenty of good deals on Manhattan rental apartments to be found -- and with the reminder that you can browse Manhattan rental listings here to find them -- let's take a look at what Citi Habitats' new Manhattan rental market report means for NYC rental apartment hunters, and everyone else.

No, we're still not going to call the rising residential neighborhood in West Chelsea and West Clinton -- Hudson Yards, to some -- by the name real estate types have tried to hang on it. But just because we're not going to call "The Linc" The Linc doesn't mean that we won't call it one of Manhattan's fastest-growing markets for luxury rental apartments. While it's unclear whether we should classify the apartments for rent in greater Hudson Yards as Chelsea rental listings, Garment District apartment rentals or Clinton rental listings, the fact remains that the bumper crop of new construction luxury rental buildings in the neighborhood, highlighted by superstar LEED-certified rental Emerald Green, have helped turn this formerly desolate stretch of Midtown West into one of the more interesting places to rent an apartment in Manhattan. With news that the second phase of The High Line will reach Hudson Yards' southernmost regions and that an expanded 7 train could make it increasingly accessible to the rest of the city, the future seems bright for Hudson Yards. In that sense, then, perhaps the announcement of an impressive new luxury rental apartment building in Hudson Yards shouldn't be too surprising. Still, by any standard, the just-finished Townsend -- a 569-unit luxury rental building at 350 West 37th Street -- is a pretty cool development, and another sign of how hot Hudson Yards has become.