Apartment rentals New York with Millennials

Rendering courtesy of Twining Properties

In 2015, one of the demographic questions about the New York City real estate market was, “Why aren’t millennials buying?”. Buying one’s own home as a young adult was once considered to be the cherry on the cake that is being an independent, young professional.

It seems that buying is no longer the best option....or that’s what Millennials in Manhattan seem to think. While many young professionals in New York can afford to put a down payment on a six-figure apartment, they are choosing to rent instead. According to the Observer, “With their increasingly mobile jobs and lifestyles successful New Yorkers in their 20s and 30s are shying away from making a commitment to one city, let alone one apartment. And despite Manhattan’s astronomical rents, it’s costlier still to buy here with the average Manhattan apartment now going for $1.73 million, a record high.”