Apartment rentals New York with Real Estate Trends

NYC Renters Market In Retreat: Rents Up, Vacancies Down On Manhattan Rental Apartments

Like a heroine in a Russian novel, the Manhattan real estate market is never more lovely than when it's ailing. For NYC dwellers looking for Manhattan rental apartments, at least, a weak NYC rental market is a friendly NYC rental market, with all the rental concessions, no fee apartment listings and deals on Manhattan luxury rentals that entails. But while the economies of New York City and New York state are still struggling along, the NYC real estate scene has surged back to robust health in recent months. For landlords, this is great news. For people searching Manhattan rental listings, it's somewhat less so. The July New York City rental report by The Real Estate Group New York bears why that is -- the almost total disappearance of rental concessions, the scarcity of no-fee rental listings, and a modest but notable across-the-board hike in rents on Manhattan rental apartments. Read on, if you dare.

Breakthrough: End of Drilling on 7 Train Expansion Into Hudson Yards Brings More Good News For Emerging Neighborhood

Yesterday, we wrote about the the latest development in the ongoing boom in new construction luxury rental apartment buildings in greater Hudson Yards -- a neighborhood that is sometimes (if unfortunately) called The Linc, and which encompasses the western edges of Chelsea and Clinton. If it seems like we've been covering the goings-on at Hudson Yards a lot here at the Luxury Rentals Manhattan blog, that would be because we have. It's not every day that you get to see a new neighborhood rise before your eyes in Manhattan, after all, and the presence of blockbuster new construction luxury rentals such as the LEED-certified Emerald Green, one of Manhattan's most impressive new green rental apartment listings, and the equally impresive 505 West 37th Street have already given Hudson Yards its share of blue chip new luxury rental listings. And now, with news that the planned expansion of the 7 train into Hudson Yards has finished drilling, this new neighborhood is close to a new subway link to the rest of New York City -- and possibly to a new life as one of Manhattan's most desirable residential neighborhoods.

Feel The Surge: Quarter Two Manhattan Apartment Rental Numbers Soar To Pre-Recession Levels... And Beyond

It all seems like a dream, now, the boom market in Manhattan real estate. But while it was unsustainable and way overhyped, and is faintly ridiculous in retrospect, there was a period when Manhattan rental apartments enjoyed an almost instant absorption rate and rental activity was almost terrifyingly constant. That was the middle of 2007, and it seems a long time ago now. But while many of the things that seemed cool in 2007 seem less so, now -- remember how much scarier the world was when Lindsay Lohan wasn't in jail? -- NYC real estate watchers have never quite given up hope that those days might return to the Manhattan rental market. The just-released quarter two Manhattan apartment rental stats suggest, though, that the pre-Lehman glory days of Manhattan real estate aren't coming back. No, the new stats suggest -- astonishingly -- activity in the Manhattan rental apartment market was well beyond those mid-2007 levels. In other words, the Manhattan rental market is not only back, it's apparently stronger than it was during its historic highs. Even more surprisingly, while rental activity soared, rents stayed mostly flat. Maybe that (prematurely lamented) renter's market will survive the turnaround in Manhattan real estate after all.