Apartment rentals New York with Manhattan Real Estate

We take a certain amount of pride here at the Luxury Rentals Manhattan blog in providing well-written posts on news and trends in Manhattan real estate, even if a strangely large amount of those posts winds up being about food for some reason. But we know when we're beat. This is one of those times. A recent study by real estate research clearing house Trulia revealed something that we at the LRM blog have written about previously -- namely, that it is exponentially wiser to rent a Manhattan apartment than it is to buy a Manhattan apartment, for a number of reasons. The Trulia report reveals that this remains true in New York City, and notably more true in New York City than anywhere else in the United States. Unfortunately for us, it does so in the handy, eye-catching graphic you see above, which illustrates the disparity in rent-to-buy price ratio in New York City and other United States real estate markets. You're looking at that image right now, aren't you? No, that's fine. It's a pretty great image. So great, in fact, that it more or less obviates the need for any words, per the usual one picture: 1000 words ratio. But let's press on, and provide a little more detail.

There have been ups and downs in the market for Manhattan apartments for sale, but with the economy still bumping along the bottom in a host of indicators, the NYC condo market remains more of a buyer's market than a seller's market at this point. Which is great news... if you have $1.8 million dollars lying around, in which case you're used to great news every time you visit the ATM. But with the average price on Manhattan apartments rising to around $2 million, this buyer's market isn't one most New York apartment hunters can partake in. The good news, of course, is that there are plenty of available luxury rental apartments in Manhattan, many of them offering a level of luxury and amenitization that rivals that found at high-end Manhattan apartments for sale. But here's the better news -- a new study from real estate info clearinghouse Trulia reveals that it's not just less expensive to rent a Manhattan apartment than to buy one, it's also notably wiser and more cost-effective in the long run. (Thus the bling-bling dollar signs on this post) (Well, also we think they're neat)

It's a pretty common refrain here at the Luxury Rentals Manhattan blog that the return of the Manhattan rental market to something like its old gangbusters status is a good thing. That's because, in a macro sense, it is. But it's also because we're working on talking ourselves into it. The renter's market of the great Manhattan rental market slump was tough on landlords and developers, but it was great news for those browsing NYC rental apartments, who suddenly found themselves faced with a wealth of no-fee rental listings and landlords seemingly eager to give away months of free rent and other other concessions. Now that the Manhattan rental market is healthier, the renter's market is generally a thing of the past -- a fondly remembered silver lining surrounding an ever-shrinking cloud, if you're a metaphor type, and a casualty of economic trends if you're more literally inclined. But, as we try to remind readers (and ourselves), there are still great deals to be found on Manhattan rental apartments. There are still plenty of no-fee rental listings out there, for instance, and there are also plenty of Manhattan luxury rentals offering concessions on leases. The surprising part, though, is the identity of those concession-granting Manhattan luxury rentals. From The Ohm -- a new construction luxury rental in Chelsea pictured near these words -- to a host of other new construction rental listings in various Manhattan neighborhoods, some of Manhattan's most concession-friendly rental listings happen to be at some of Manhattan's hottest new construction apartment buildings. No, really. More after the jump.

Trends come and trends go, as regular readers of the Luxury Rentals Manhattan blog -- or anyone who lives in New York City -- knows. But while the ebbs and flows in the market for Manhattan rental apartments is our subject here at the LRM blog, one constant remains unspoken and, for the most part, unchallenged. And that is that living in New York City is cruelly, implausibly expensive by just about any standard. Yes, groceries cost more in Hawaii and gasoline costs more in Connecticut, but most NYC dwellers will be quick to tell you that everything costs more here in Manhattan. In the next breath, you'll hear that the reason for this is that everything is better in Manhattan, but the (presumed) fact is what it is. So it's safe to say that a recent finding by the U.S. Census is something of a mind-blower. Per the 2010 Census, New York City is not the first, second, or third-most expensive place to rent in the United States. Neither is it fourth or fifth. No, New York City is actually just the sixth-most expensive place to rent an apartment in the United States. We're number six, everyone! Pop champagne! Or... actually hold off on the champagne. Can this possibly be true?

Looks nice, doesn't it? A clean, modern subway station, a train pulling up right on time. Eventually, at some point in human history, something somewhat like the little image you see with this post will undoubtedly occur somewhere under Second Avenue on Manhattan's Upper East Side. For all the things to recommend about Upper East Side apartment listings -- and there are plenty, starting with their relative affordability in comparison to other Manhattan rental apartments -- subway access isn't currently one of them. Sure, the 4/5/6 trains on Lexington Avenue run pretty well, but they're the only trains on the Upper East Side, and can get excruciatingly crowded (and sluggish) come rush hour. News that the long-rumored, longer-awaited Second Avenue Subway was really happening was the cause of much rejoicing both among Upper East Side renters and UES landlords, whose apartments seemed poised to become that much more appealing. Today brought the sad and sadly unsurprising news, though, that the Second Avenue Subway is both behind schedule and over-cost -- and not likely to arrive in time for its original 2016 launch.