Single Moms Revitalize NYC Rental Market

Manhattan Luxury Apartments at Sunset

Catering to a city of renters, NYC real estate developers seem to design with the tech-savvy resident in mind. But as luxury Manhattan apartments get sleeker, perhaps the hottest amenities on the market aren’t wired at all—just childproof. Statistics from Property and Portfolio Research, a real-estate forecasting firm owned by CoStar, recently reported single moms were the largest group of new NYC renters from 2000 to 2010, comprising 30% of new-renters. But in addition to adding to the diversity of NYC renters, the wave of single-mother-residents revitalizing the NYC housing market scene has the potential to influence more family oriented features in a real-estate race where impersonating resort life has become the foremost objective.

But what’s causing this sudden wave of single moms to snap up so many NYC rentals? According to The Atlantic a primary catalyst is the fact that there are more single mothers out there. The Atlantic reports that 40% of children are being born to single mothers, and that marriage is happening later—if at all. Indeed, Property and Portfolio Research’s study found the husband-wife duo only accounted for 4% of new NYC renters over the past decade. And like any other NYC dweller, single-moms are skeptical about home ownership after the wave of foreclosures and the economic downturn, preferring to rent instead.

But despite the high demands in the Manhattan rental market, new rentals are too scarce to satisfy most residents—moms included. But that doesn’t mean renters should be pessimistic about the future of the Manhattan rental market. The Wall Street Journal reports substantial numbers of new rental households have been added to the market since 2008, and BMO Capital Markets noted the rising level of starts would see completions by mid-to-late 2013.

So as NYC dwellers continue to hold their collective breath for more listings, we suggest keeping casual notice of the diverse demographics that help shape the NYC real estate market, and, in NYC street fashion, dictate what amenities are in, and what’s out.