Apartment rentals New York with New York City Real Estate

Spring, Unsprung: NYC Rents Once Again Way Up Over 2010, But Barely Budge Month-To-Month

Every month, the statistics on Manhattan luxury rentals tell the same story. Which means that just about every post we do on that topic reads pretty similar to the one before. At the risk of getting intolerably meta-bloggy, here's a quote from a recent Luxury Rentals Manhattan blog post on February's rental stats. "While increased demand should have led to a serious spike in Manhattan rents, it hasn't... yet. A pair of recent studies show that rents are up a robust 8 percent over 2010 figures, but rents are still essentially flat month-to-month, just as they were last month." You'll notice that "last month" links to another Luxury Rentals Manhattan blog post that says almost exactly the same thing. And so you see how this works, and has worked -- demand has stayed strong for Manhattan rentals, and is growing stronger as the traditional NYC real estate boomtime of spring approaches, but prices have barely budged month-over-month. That was the story in March, and it may yet be the story in April. It's the waiting for it to change part that has people nervous.

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Back To You, Jimmy: New York Observer On Why Manhattan Rents Are (And Aren't) Too Damn High

We know what you're thinking: is this post just an excuse to break out the Jimmy "Rent Is Too Damn High Party" McMillan image again? Which, honestly, we shouldn't even dignify with a response, but here you go: 1) what a ridiculous accusation, really and 2) yes, but only kind of. But there's more to this post than a wish to recall the fond memories we have of the pioneering karate expert/politician that Luxury Rentals Manhattan endorsed for Governor earlier this year. While we spend a lot of time following the ebb and flow of the market for Manhattan rental apartments -- and some time reminding everyone that rents, while high, are not quite as bad as you might think -- the nature of our work here gives us very little time to look into the how's and why's of Manhattan real estate. Or, as Jimmy might put it, the how's and why's of how NYC apartment rents became too damn high. But as Tom Acitelli writes in a terrific piece for the New York Observer, there are several very good reasons why Manhattan apartment rents seem so damn high -- and also plenty of reasons why NYC rents, while high, are not too damnably so when considered in context.

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