Apartment rentals New York with Market Trends

Bushwick: The Next Brooklyn Hotspot

Bushwick

The hunt is on for the next Brooklyn destination. With trendy locales like Park Slope, Williamsburg, Boerum Hill and Carroll Gardens listing median real estate prices typically seen in upper Manhattan, investors, renters and owners alike have been trying to predict the next up and coming neighborhood. Needless to say, the competition has been fierce.

Looking for Affordable Rents in Manhattan? Head to Murray Hill and Harlem

Looking for affordable rentals in Manhattan? Try Murray Hill and Harlem

If you are looking for an apartment to rent and you’re finding the rents in most Manhattan neighborhoods to be too expensive, the latest rental market report from MNS suggests that you start looking in the Murray Hill and Harlem neighborhoods for your new home. According to the report, while most of the city continues to face an inventory crunch and, therefore, a rise in apartment rents, these two neighborhoods are standing out from the rest by asking rents that are still, surprisingly, affordable and reasonable in this volatile market climate.

Fall Rental Reports Show Slight Decrease in Rents

As the year nears its end, the latest monthly rental reports from various real estate companies have revealed that just like the temperatures in the city, the rents in Manhattan have also taken a dip, a dip that is particularly interesting given that there was a decrease in rents in the last month as well. However, as we mentioned in our analysis of last month’s rental report, despite the decreases, the average October rents are still at extremely high figures. For instance, the Elliman Report for October says that the average rental price for October was $3,856, an increase of 5.4% from the average rent of $3,658 for the same period last year.

NYC: Rents Rise, Expenses Rise, But Incomes Stay Stagnant

New York City has always been known as a very expensive place to live in. Be it a wholesome meal or even just a ride on the subway, it is a common feeling among New Yorkers that they are paying more “for everything” than their counterparts in other cities around the country. This rift is best seen in the living expenses faced by residents of New York City, and now there’s proof. “Rents Through The Roof,” a new report released by the City Controller John Liu has revealed that almost 30% of New Yorkers use up more than half their income to just pay rent.

Historic Chatsworth Building On the Market

The Chatsworth is up on the market for sale.Submitted for your approval: The Chatsworth, located at 344 West 72nd Street. Constructed in the early 1900’s, The Chatsworth is one of the key apartment buildings in Upper West Side history. And now, for the first time in several decades, The Chatsworth is going on the market for a grand total of $150 million. In recent times, sales of historic apartment buildings in Manhattan have been quite rare, allowing The Chatsworth to stand in a league of its own. Furthermore, half of the rentals at the Chatsworth are rent-stabilized, with one-bedroom apartments going for just $1,600 a month on average, making the property even more valuable.

Manhattan Apartments Rented for Tourist Experience

Many Manhattan apartments will soon be rented for tourist use

What justifies a genuine New York living experience? Certainly, no Manhattan resident would claim that a tourist visiting the city for around a week could never actually grasp what it means to live in New York or to actually experience a Manhattan apartment. However, for many tourists, such an assertion is undoubtedly correct. The new trend in New York tourism is to shun the “non-genuine” feeling of staying in a hotel and visiting all of the common landmarks while visiting Manhattan. Visitors to New York want to truly immerse themselves into Manhattan culture, which of course does not come without having lived in a genuine Manahttan apartment. Such a wish has become reality as many tourists are now taking the chance to live in the rented-out apartments of actual New York residents.  

Nolita's Popularity Soaring with Renters

Nolita is making itself known as a neighborhood to keep an eye on. As a neighborhood, it’s defined by stunning pieces of architecture, trendy and sophisticated cafés, and a veritable range of nearby shopping. Above all else, most residents of Nolita consider it a sort of bastion or safe haven, tucked away from other crowded areas such as Tribeca and Soho. Residents favor this neighborhood for its sophisticated yet comfortable feel, acting as a serene yet simultaneously elegant area to live in. For Manhattan residents seeking a peaceful yet fashionable and decidedly hip neighborhood to find a rental, Nolita is a desirable choice, so it’s no surprise that rental apartments in Nolita are in high demand.

The Widespread Effects of Rent Regulation in NYC

It’s a policy that dates back to World War I: rent regulation. A housing law that currently applies to 62.6% of the rental units in New York City, rent regulation’s effect on the city’s inhabitants cannot be underestimated. However, rent regulation is far from universally accepted throughout NYC. Recent controversy arose when landlords from the Upper West Side filed a federal lawsuit advocating for the removal of rent regulation due to its alleged unconstitutionality. For many landlords of rent-regulated apartments, it seems unjust that residents could afford to endlessly renew their leases.The importance of rent increases and alterations can furthermore be seen in the recent decision by the Rent Guidelines Board to allow landlords to make a  2% rent increase on 1-year leases and a 4% increase on 2-year leases.

Virtual Real Estate: Why Real Estate is Dependent Upon Social Media

LRMFacebookNew York City’s rental market moves at a rapid place, and to keep up with its ever-changing conditions, the Internet is necessary. Social media websites provide users with platforms to interact with others in the market, and quickly become informed about the latest property news, listings, and transactions. Here at Luxury Rentals Manhattan, we realize that our readers utilize social media regularly, so we have recently launched our very own Facebook page.

Manhattan Rents Broke Records in March

The rental apartment in Manhattan reached new heights in MarchTwo new market reports released this week confirmed what we already knew but added a few twists to the story. According to both reports, rents in Manhattan for luxury rental apartments continued their upward year-to-year trajectory in March. These median and average rent increases were elevated by a dearth of landlord concessions, something that we at Luxury Rentals Manhattan wrote about previously. The real shocker was that one report found that the average rent in for rental apartments in Manhattan in March, not including concessions, reached $3,418 a month, breaking the previous all-time high set in May 2007. The picture isn’t quite as one-sided as it appears though. Hidden beneath all these highs, there are some signs that the scales may finally be tipping back in favor of renters.