Apartment rentals New York with Manhattan Rental Market

February’s Rental Report: Downtown Still Dominates

Luxury apartment at 57 Reade Street.

Living room at a luxury apartment at 57 Reade Street.

Zumper's February’s Rental Report has been released, and its data revealed New York City’s rental market is still second only to San Francisco in its fierce competitiveness and monthly rental price. While 1- and 2-bedrooms are up 7.3 and 3.1 percent, respectively, from last year, February was a slightly less expensive month than January, showing a 1.8 decrease for 1-bedrooms and a 2.4 percent fall for 2-bedrooms.

Renting is the Most Economical Option For Most New Yorkers

Living room at 37 Great Jones Street, a luxury rental building in NoHo.

Photo: Living Room at 37 Great Jones Street, a luxury rental building in NoHo.

We all know moving is a huge stressor, and even if you are financially well off, the monetary burden of moving can be quite significant. Two leading factors that make buying a home in the long term seem the better choice than renting are cutting back on the number of times one needs to move, along with the perceived investment opportunity.

In Manhattan, as in Brooklyn, Demand Consistently Rises

It seems that in Manhattan, a new tall, glassy building appears to be racing towards the sky every minute. While this isn’t exactly the case, the planning and production rate of these buildings does occur at a steady pace.

Rents Up in Manhattan, Nationwide, But Brooklyn Reaches New High

Luxury Rentals Manhattan Spring Midtown East

Last Thursday, Elliman released their monthly rentals report, and as expected, rents increased across the board. Manhattan, Brooklyn, and Queens are seeing greater market competition for studios, one-, and two-bedrooms, which pushed rents higher.

NYC Rental Market Grows Amid Demographic Shifts

 Rental Market Grows LRM NYC

A new study printed in the New York Times finds that despite the decrease in mortgages rates – along with high rents – hasn't actually persuaded renters to start buying. According to a study of real estate investment trusts (REITs), only 14.7 percent of tenants that moved out in the fourth quarter of 2014 did so with the intention of buying a home. That number has been in the 14 percent range since 2012, and just hasn’t moved, according to David Guarino, a research analyst for John Burns Real Estate Consulting in Irvine, California.

Why Are Rents Rising?

Manhattan Rental Market Report

Rent prices are on the rise again, with the median rent up 4.1 percent ($4,093) compared to last year, writes Curbed. Jonathan Miller, compiler of Elliman Report has found that the prices for smaller apartments are now rising faster than the top of the market. In Manhattan, the median price for studios and one-bedrooms is $2,270 - that’s 11 percent up from last year, the highest point in seven years! Brooklyn and Queens rent rates are also going up, though at a much steadier rate. The real question is: why are smaller apartment rents going up?

Where Are the New 6th Boroughs?

New Residential Construction, Rental Development in Miami

Once upon a time, Philadelphia was the ‘6th Borough’, but in the decade since The New York Times ran a piece about Brooklynites moving to Philly for a more affordable & authentic urban experience, a new crop of cities have taken the moniker.

2014's Highest Rent Markets: Where Does NYC Rank?

Zillow calculated the average rents in the nation’s biggest metropolitan markets for 2014, and the NYC area doesn’t even rank in the highest five (pretty not bad for the country's most livable city).  As has been reported previously, California rents topped the list, occupying four out of the top five spots.  Curiously, San Francisco’s average ($1,598), which in previous months had beat out New York’s ($1,228), was actually the second highest — the region with the highest rents was actually San Jose, which was calculated to have an average monthly rent of $1,807.

2014 Year End Wrap-Up: Luxury Rentals Manhattan's Top 7 Stories

2014 has been a pretty solid year for New York’s rental markets.  From neighborhood-boosting projects like the High Line to an increasingly impressive Billionaire's Row, the sector and overall industry have set some pretty high bars for 2015.