Apartment rentals New York with Manhattan Luxury Real Estate

Believe it or not, there are 13 other cities in America where 2-bedroom apartments are more expensive than in New York City. So, in theory, if you moved to Honolulu, San Francisco, or even Long Island to rent a 2-bedroom apartment, you would have to pay more. These stats were compiled by the National Low-Income Housing Coalition using “fair market” rents – basically that means that they included rent-controlled and rent-stabilized apartments – and this methodology certainly brought NYC’s ranking down. After all, no other city in America has as many rent-regulated apartments as New York City, not by a long shot. However, this study is far from nuanced, especially since it doesn’t break down average rents for 2-bedrooms by borough. Still, the report highlights an important point: if you want an affordable 2-bedroom in New York City, you might want to look north of 96th Street in Manhattan.

How can a chain reaction of uncertainty lead to stability? Well, the undercurrent of anxiety in Manhattan real estate over the state of the economy, both at home and abroad, has badly hurt sales of luxury condominiums, but the rental market has flourished in turn; rental vacancies in New York City recently dropped below 1%. This phenomena is one of the most salient features of the Manhattan real estate market today and has already been well documented elsewhere on luxuryrentalsmanhattan.com, but now there’s a new twist to the story: expensive, fully-furnished luxury rentals are more popular than ever. Wealthy New Yorkers have revived the market for furnished rentals despite the fact that the monthly rent is usually double the cost of unfurnished luxury apartments. The causes of this Manhattan real estate trend are counterintuitive, but all of them bolster short-term investments, especially fully-furnished luxury rentals.

When one thinks of the benefits of living in a luxury apartment building, one of those benefits is inevitably having a doorman. However, we at Luxury Rentals Manhattan have touted the benefits of not having a doorman in Manhattan -- and it seems the NYC real estate world has begun to agree with us. In the past two years, the desire for Manhattan luxury rental apartments in doorman buildings has significantly decreased. Perhaps the most obvious reason is the fact that New York City has been experiencing an historic economic downturn, therefore forcing many people to choose other, less expensive options. But this is not the only reason. The changing demographics within NYC, namely the increase of labor within the technological and creative industries who have different tastes have also played their part, causing a perfect storm of events leading to this dramatic decline in the desire for Manhattan luxury apartments in doorman buildings and possibly the beginning of a new trend within the NYC real estate market.