Apartment rentals New York with Rental Market Report

Chelsea is one New York City neighborhood that has a lot going for it currently, and if the latest rental market report released by MNS is to be believed, now is a good time to consider renting in this very vibrant locality. According to the report, two-bedroom apartments in Chelsea have had the greatest declines in rent as compared to the previous month, making Chelsea an extremely attractive neighborhood for both individuals and families looking for a place to live in Manhattan.

Source: CoreLogic

It seems New Yorkers are on the right track. Back in 2010, the risk of default for renters applying for apartments was at a mundane 98 for 2 bedroom apartments, and close to 99 for 1 bedroom apartments. Being as numbers below 100 increases the risk of default for applicants, New Yorkers were in a position - financially - of having property managers more readily deny their applications. According to CoreLogic, in a short two year period this risk of default has dramatically changed.

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.

Here’s something that should put a smile on the faces of apartment hunters in New York City. Rental reports from Douglas Elliman and Citi Habitats for the month of December say that average rents for apartments in Manhattan have once again decreased, with the average rent coming to just $3,284 a month, an appreciable dip from the whopping average rent of $3,461 that was seen in August. With tight credit conditions forcing many New Yorkers to abandon plans for buying a home, rentals continue to be very much in demand, resulting in a very tight market.

Rents in Manhattan have been soaring over the past few months, with several rental records being broken and New York City’s real estate sector enjoying a flurry of activity. But the most recent market report released by Citi Habitats suggests that the surge in rents is finally taking a breather, with average rents stabilizing in September as compared to August. In some neighborhoods the rents have actually dipped slightly too. However, there’s a catch—while the rents have plateaued, they're still holding strong at their extremely high rates. Additionally, landlord concessions for rental apartments such as a month without rent or no brokerage fees are now more rare than they've ever been, indicating that Manhattan renters don't need extra incentives to sign a lease.