Apartment rentals New York with Hot Neighborhoods

So, here’s the deal: yes, Manhattan is known for having high rents, but if you’ve set your mind on living in only this borough of New York City, now is a good time to score some great deals on apartments here. A report in The Wall Street Journal says that rents in Manhattan declined again last month, thereby making January the fifth consecutive month to see a drop in average rents.

Already one of the most dynamic and popular Manhattan neighborhoods, Chelsea and its surrounding area is in for some big changes. In the next three years, three major projects are planned: the third portion of the High Line, running up to 30th Street; the Hudson Yards Redevelopment Project; and the extension of the 7 Line to 34th and 11th. Chelsea’s rental market has adjusted to the boom and cultural shift from the High Line and the growing allure of the neighborhood. Rental prices are remaining relatively steady, but anticipation is building in the face of this huge influx of new development. Although the massive impact of the High Line on real estate, retail, and cultural institutions was relatively unexpected, developers will not be caught off guard this time.

While Battery Park City has always been known for being safe, quiet, and green, one thing it has never been is hip. Combine that with the fact that the neighborhood has always been associated with condo sales and not luxury rentals, and it’s no wonder that rental apartments in Batttery Park City have not garnered as much attention as rental apartments in other downtown Manhattan neighborhoods. It’s officially time for Manhattan renters to take a closer look at BPC however, because the neighborhood is changing rapidly, and right now there’s a unique window of opportunity to find great deals. BPC's reputation for being a little too remote, a little too dull, and a little too suburban for younger Manhattan renters is changing; a flurry of restaurant openings is making BPC much like the rest of downtown Manhattan, and right now the rents have yet to catch up to the times, especially for luxury 1-bedroom apartments.

Yesterday, we wrote about the the latest development in the ongoing boom in new construction luxury rental apartment buildings in greater Hudson Yards -- a neighborhood that is sometimes (if unfortunately) called The Linc, and which encompasses the western edges of Chelsea and Clinton. If it seems like we've been covering the goings-on at Hudson Yards a lot here at the Luxury Rentals Manhattan blog, that would be because we have. It's not every day that you get to see a new neighborhood rise before your eyes in Manhattan, after all, and the presence of blockbuster new construction luxury rentals such as the LEED-certified Emerald Green, one of Manhattan's most impressive new green rental apartment listings, and the equally impresive 505 West 37th Street have already given Hudson Yards its share of blue chip new luxury rental listings. And now, with news that the planned expansion of the 7 train into Hudson Yards has finished drilling, this new neighborhood is close to a new subway link to the rest of New York City -- and possibly to a new life as one of Manhattan's most desirable residential neighborhoods.