Apartment rentals New York with Luxury Rentals

Worries Beset the Manhattan Rental Market

The rise of the Manhattan luxury rental market may have peakedMuch has been made of the consistent rise in Manhattan rents in the face of adversity. In the midst of economic woes, the Manhattan luxury real estate world has prided itself on the steady rise of rental prices: the average monthly rent in Manhattan is up 8% from this time last year and is just $53 off the all-time market peak set in 2007. In spite of this remarkable success, many real estate experts view this trend in luxury rentals in Manhattan as unsustainable. With the market slowdown of winter approaching, signs are beginning to point to rents either remaining stable or declining for the first time since 2009.

The Fight to Preserve The Bowery

Luxury NY Rentals - Bowery Listings“The Bowery! The Bowery! They say such things and they do strange things,” began an 1891 song. But what was once known as Skid Row, full of vagrants and artists alike, has over the past few years continued on a path toward full gentrification. Much has changed from the days of towering bank headquarters and performances by Vaudevillian legends. Progress, to be sure, always brings about change. But while many of the residents of luxury rentals in the Bowery see innovation as being productive, they are also fighting to keep the flavor of this iconic neighborhood’s past intact.

Hudson Square: The Little NYC Area That Could

NYC Luxury Rentals - Hudson SquareWhat was once New York City’s premier printing neighborhood is now one of New York City’s best up-and-coming finds. Hudson Square is a modest stretch of land bordered by Greenwich Village, TriBeCa and SoHo in downtown Manhattan. More specifically, Hudson Square (also referred to by its lesser known name West Soho) runs from West Houston Street and Canal Street and sits between 6th Avenue and the Hudson River. Hudson Square contains the largest concentrations of early 19th century Federalist and Greek revival style row houses, and as the area continues to boom commercially with investors and vendors, luxury rental apartments near Hudson Square are steadily gaining popularity.

East Side Residents Support New East River Greenway

Manhattan Luxury Rentals - East River GreenwayThe East River Greenway project, one of the newest attempts to provide further green areas within Manhattan’s East Side, and more specifically the Midtown East neighborhood, is continuing to grow in popularity. A recent poll, taken by the aptly named organization Friends of the East River Greenway reported that 73 percent of those living in the East Side support this new project, suggesting that it is getting ever closer to coming to fruition. Even with its expensive price-tag, this attempt to beautify one of NYC’s most historic areas is one that promises to make the East Side ever more popular as a place to rent luxury apartments.

The 80/20 Rental: A Manhattan Trend

Manhattan Luxury Rentals - 80/20 RentalDiversity is a term long associated with the melting pot that is NYC, but one rarely synonymous with Manhattan luxury rental apartments. However, in the past few years, dozens of luxury rental buildings have been developed with the financial assistance of the 80/20 program, which aims to provide affordable housing with a luxurious twist. This program, which has become especially popular since 2008, requires that 80% of the luxury apartments in the building utilizing this policy are rented at market-rate prices, while the remaining 20% are offered below market. But while many low-income families will benefit, at times living literally across the hall from their wealthier neighbors, those with higher incomes are poised to profit as well.

Movin' On Up: Tips to Master the Tricky Manhattan Move-in

 Manhattan Luxury Apartments - Manhattan Move-inWhen it comes to the ordeal of moving to a new apartment, most if not all of Manhattan’s residents utter a collective, frustrated sigh as they ponder the various inconveniences that go hand-in-hand with this undertaking. This could of course be due to the fact that in New York City a host of extra complications arise, whether one is moving into a new luxury rental or a condominium, including but not limited to: street-cleaning restrictions, regulations concerning the use of the apartment building’s elevator, and of course, the oft encountered, always dreaded narrow doorways, most often associated with pre-war buildings. As Susan Stellin explains in her NY Times article, moving has, if anything, become even more complicated, transforming what had previously been an annoyance into an almost full-fledged problem.

Buying is Out, Renting is the New Trend

Manhattan Luxury Rentals - Buying/Renting
We've noted it before at the Luxury Rentals Manhattan blog, more than once and in ways both bloggy and worth-a-thousand-words visual. Of course, we have our reasons for this (the name of this blog is Luxury Rentals Manhattan, after all), but the numbers don't lie -- Manhattan rental apartments, now more than ever, are simply a better deal than Manhattan condominiums. While some of this owes to the price of those Manhattan condominiums, the trend away from buying and towards renting has been so dramatic, both in Manhattan real estate and in general, that it bears repeating.
 
Which is why we keep repeating it, and which is exactly what a recent report from Bloomberg -- the financial news people, not the tiny orange Mayor -- does, in numbers too striking to ignore. Thanks in part to epidemic foreclosures and largely to a national trend towards renting, the U.S. homeownership rate has fallen below the 60 percent mark, making it the lowest recorded homeownership rate. Before this year, the lowest homeownership rate recorded was in 1965 when the rate was 62.9 percent. The highest rate, by contrast, was 69.2 percent in 2004 when George W. Bush promoted an “ownership society” and banks offered two-for-one mortgages during happy hour. Now, just seven years later, the rate is 59.7 percent -- and the erstwhile ownership society, both in Manhattan and elsewhere, is looking disarmingly like a rentership society.

Luxury Rentals Market Cools Down a Few Degrees

Luxury Manhattan Apartments - Rental Market Cools Down
Last week, Citi Habitats and Prudential Douglas Elliman released a second quarter report claiming that the Manhattan rental market was on fire, and things weren’t going to cool off any time soon. Rent prices were supposedly at an all-time high and weren’t expected to drop in the near future. This was music to every Manhattan landlord’s ears, but a punch in the gut (or wallet) to everyone searching for a luxury rental in Manhattan. However, a more in-depth look at the aggregate rent paid each quarter dating back to 1991 shows that the peak in the luxury rental market actually already occurred.

High Five (Figures): Demand For Ultra High-End Manhattan Rentals Continues Surge

The Manhattan real estate market is a complicated thing, as any regular Luxury Rentals Manhattan visitor -- and anyone who has ever tried to find a rental apartment in Manhattan -- could tell you. But one of the most peculiar features of the ongoing turnaround in the Manhattan rental marketplace is just how much more quickly the market for high-end Manhattan luxury rentals has turned around than has, say, the market for $2500-per-month Manhattan rental apartments. Given that there are more people in New York capable of paying more modest monthly rents than there are those willing or able to cut five-figure checks on the first of each month, the turnaround would seem to be somewhat backwards. But this is Manhattan real estate, and the top-down turnaround has become both harder and harder to ignore and -- per a recent New York Times report -- even more pronounced in the early months of summer. The demand for five-figure NYC rental apartments has been higher than that for smaller, less expensive Manhattan apartments.  So, what exactly does this mean for Manhattan real estate?

Are Manhattan Rental Apartments Now A Rich Person Thing?

Rich people things: New York City is full of them, from the hundred different takes on seared foie gras to the chilly boutiques of Soho and so on up and down the market. While our media has done a good job of making sure that New Yorkers are up on the latest trends among very wealthy New Yorkers -- and we've certainly done our part here at the Luxury Rentals Manhattan blog, at least insofar as noting the popular renting-a-condo trend among the city's  star athletes -- there's a sense, at least for those of us still living in the actual-existing economy, that these are trends not worth chasing. Which makes it all the more appealing that, albeit at the highest of high-end price points, the wealthiest New Yorkers are now making like everyone else in NYC. Where most of us live in Manhattan rental apartments, the richest New Yorkers long turned to ultra-exclusive co-ops. Now, though, with uncertainty the word throughout the economy, New York's rich are opting to do what everyone else does -- and rent. Yes, they're renting the highest of high-end Manhattan rentals, but for the wealthiest New Yorkers as well as everyone else, renting seems to be the move. The reasoning behind it, unsurprisingly, is proof that -- at least when it comes to finding a place to live in NYC -- the rich are not so very different from you and I.