Apartment rentals New York with NYC Rentals

Rent Check: Study Confirms It's Smarter (And Cheaper) To Rent Than Own In NYC

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)

Tags:

Hudson Square, Ready For Its Close-Up: Call It West SoHo Or South Greenwich Village If You Wish, But Re-Zoned Manhattan 'Hood Is On The Rise

Hudson Square Manhattan Rental Apartments

The first rule of Manhattan real estate -- of real estate in general -- is said to be "location, location, location." Which, as conventional wisdom goes, isn't the silliest thing in the world. But Manhattan real estate observers could be forgiven, in recent years, for believing that at least one of those "location"'s could be swapped out for "branding." New Manhattan neighborhoods are nothing new -- New York City is a study in flux, and all it takes is one zoning decision and a few bold luxury rental developers to turn a neighborhood like the nowheresville around the Lincoln Tunnel entrance into "The Linc," a newly branded neighborhood complete with its own green luxury rental listings and superstar new rental developments such as Emerald Green. What sets Hudson Square apart from The Linc, besides a much cooler name -- The Linc? You're sure about that? -- is that this new neighborhood is actually one of Manhattan's oldest neighborhood. Hudson Square is, for all intents and purposes, West Soho. And it's not exactly "new," either, given that it has been around for centuries -- the Ear Inn, one of Manhattan's oldest nightspots, is a Hudson Square landmark -- and was Manhattan's printing district back when Manhattan had things like printing districts. But a recent re-branding campaign has helped Hudson Square re-make itself as one of the hotter residential neighborhoods in lower Manhattan, and a new campaign to remake the city's streets into leafier, more pedestrian-friendly thoroughfares suggests that it's time for all of us -- those looking for apartment rentals in SoHo and those of us who just dig NYC real estate -- to give this old-new neighborhood a new look. So, yeah: let's look at Hudson Square.

Tags:

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.

Tags:

Deluxe (Rental) Apartment In The Sky: More And More New Yorkers Opting For High-End Rentals Over Condos

After a number of recent posts here at the Luxury Rentals Manhattan blog can attest, we are of the opinion that autumn and winter are about as good as it gets for Manhattan luxury rentals. Which, being as this is the blog at a site comprised mostly of Manhattan rental listings, probably makes some sense. But while the seasonal rise in concessions makes Manhattan rentals that much more appealing, there's also a broader, contextual reason the Manhattan apartment rental market has performed so well of late -- that reason being that buying Manhattan condos is hugely expensive, hilariously onerous, generally difficult and not becoming notably less so. All of which explains, somewhat, why the market for high-price, high-end Manhattan luxury rentals is currently booming. And things are currently hottest at the very high end of the market.

Tags:

Rise and Fall: Do Rising Vacancy Rates On Manhattan Rental Apartments Augur A Comeback For Concessions?

You know it's good news when Luxury Rentals Manhattan breaks out the popchampagne.jpg imagery, and so it is in this case. Of course, rising vacancy rates are not the sort of thing that landlords pop corks over -- the tighter the market for NYC apartment rentals is, the more they're able to get for said NYC apartment rentals. But with October rental stats showing an (expected, seasonal) rise in the New York apartment vacancy rate, things in the Manhattan real estate market seem to have turned in favor of renters, after months of running the other way. Again, this sort of thing pretty much always happens in autumn, which is why it's the most wonderful time of the year for Manhattan apartment hunters. But that doesn't mean renters shouldn't be celebrating this particular bit of seasonal good luck. While CitiHabitats' report on the October rental market indicated that rents fell one percent from September's averages, the real news here is the rising vacancy rate -- and how it could wind up making concessions on NYC apartments a lot less rare. Thus the popping corks. Read on for the nitty gritty.

Tags:

Leaves Fall, No-Fee Apartment Listings Rise, or Why We Love NYC Real Estate In Fall

The specific numbers are different from quarter to quarter, of course, but for the most part the last few rounds of NYC rental stats  all point to the same conclusion -- the market for Manhattan rental apartments is strong, and growing stronger with each passing month. Which sounds great, of course, but has been less than great in practice for Manhattan rental apartment hunters. With vacancy rates back under one percent and rents rising slowly but steadily, all the things that made the less-than-strong NYC rental market of old so appealing for renters have become harder and harder to find. Regular readers of the Luxury Rentals Manhattan blog have probably noticed that posts like this have become something of a regular presence in this space. Gone, we note in tones of deep regret, are Manhattan rental apartments offering concessions, gone are the free months of rent and gym memberships and suchlike. Gone are the no-fee... oh wait, what's that? Some high-end new construction rental buildings are actually still offering up appealing concessions? And no-fee NYC rental listings are on the rise even though the rental market is strong and getting stronger? Must be getting cold outside. (Yes, that actually is how it works)

Tags:

Tight Market For NYC Rentals, Boom Market For Real Estate Scams: How Not To Get Played

Ordinarily, the Luxury Rentals Manhattan "Service Corner" tag is reserved for lighter, more service-oriented posts -- which Manhattan neighborhoods offer the best selection of Chinese food, for instance. But while that sort of thing is no doubt important to dumpling enthusiasts -- and LRM readers know that we're already on the record on that issue -- it's not nearly as important as, say, not getting scammed when searching for a Manhattan rental apartment. That sort of thing is rare, but not nearly as rare as it should be, which is why we at Luxury Rentals Manhattan have a renter's guide on our site, and why we so closely vett the agents to whom we refer those interested in our NYC rental listings. Working with people you trust, especially when it comes to real estate agents, takes a lot of uncertainty and unpleasantness out of the Manhattan apartment search process. And, as a recent article in the Wall Street Journal reveals, working with people you cannot trust can take a lot of money out of your pocket. And so the Service Corner tag is revived, in the service (ha) of a much more serious post. After the jump: how not to get played.

Tags:

Something Old At Someplace New: New Construction Luxury Rentals Prove Last Holdout For Rent Concessions In Manhattan Real Estate

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.

Tags:

The Upper East Side Is Delicious, Part Two: UES's East 86th Street Scores Another Iconic Manhattan Food Spot, Neighborhood Rejoices

Fairway Upper East Side Luxury Rentals Manhattan

Beloved Manhattan grocery institution Fairway bills itself with the slogan, “Like No Other Market.” Which is true insofar as no other NYC market we at Luxury Rentals Manhattan can name has higher stacks of produce, a more competitive olive bar -- even Amar'e Stoudemire could get boxed out in there -- and a better selection of gourmet foods. For Upper East Siders, though, the sad fact of the matter was that Fairway was like no other market on the Upper East Side. Which takes nothing away from the Upper East Side, which has its own unique charm and charisma (and some very nice luxury rental listings, naturally). But the Upper West Side-envy with which Upper East Siders were previously afflicted should be ameliorated by the news that a new Fairway outpost will be moving into the old Barnes and Noble spot on East 86th Street this winter. While it's tempting to say that the Upper East Side's new Fairway is is Like No Other Asset To The UES, there is actually one with which it has something in common -- that would be the new Upper East Side Shake Shack, which opened just a couple blocks west on East 86th Street. The Upper East Side has always been one of Manhattan's elite places to live, and home to some of the finest luxury rental listings in Manhattan. Now, belatedly, it's increasingly home to the sort of fun, Upper West Side-y foodie joints that it had previously been missing. If you're wondering how this makes Upper East Side rental listings more appealing, you obviously haven't been to Fairway (or Shake Shack) recently.

Tags:

We're Number Six! We're Number Six! (Or, Rents on Manhattan Apartments Aren't As High As You'd Think)

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?

Tags: