Apartment rentals New York with Manhattan Luxury Apartments

The Scarcity of NYC Multi-Bedroom Luxury Rentals

Multi-Bedroom luxury apartments are harder to come by, but many are still out thereLuxury rental apartments in NYC, as opposed to luxury apartments for sale, continue to be the first choice of many searching throughout the Manhattan real estate market. A variety of factors have contributed to this, including but not limited to: increased difficulty in securing outside financing; the still present aftershock of the housing crisis; and just all around lower personal income and savings. Perhaps this phenomenon can explain the recent shortage of multi-bedroom luxury rental apartments in Manhattan, a trend that crosses all neighborhoods and areas.

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Manhattan Apartments See Rents Increase... Again

Manhattan Apartment Rentals - Rents IncreaseThe wealth of Manhattan real estate comes with a wealth of Manhattan real estate reports. Reports from the most recent quarter showed activity in the market, but at slower rates than the previous quarter and last year, and with pricier trends.  So indeed, that chorus of renters' sighs heard around the city this past Friday came from a usual suspect: the rental market report.

Manhattan rental market reports show rents going up in the third quarter this year, while the number of new luxury Manhattan rentals continues to fall. They also indicate that NYC landlords are taking the glitter-out-of-the-envelope in terms of concessions. And as rent goes rises across the board, The New York Times reports that many tired Manhattan tenants with end-of-the-run leases have received stark demands for higher rent, and are consequently shopping around for more affordable options.

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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.

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