Why Renting May Be Better Than Owning in Manhattan

Recent reports heralding the arrival of the 275 square foot micro rental apartments in Manhattan have reinforced the notion that apartments for rent in New York City are small, uncomfortable and unpleasant to live in. This is a belief that has been perpetuated for several years, thanks to television shows and movies that showcase New Yorkers living their busy lives in cramped spaces. However, while there may be some residences that fit the stereotype, these images are certainly not representative of all rentals in the city. Several of the city’s newest and finest residential developments are offering apartments for rent, with residents enjoying sensational lifestyles that could give homeowners a run for their money.

A recent report in AM New York compiled several reasons as to why New Yorkers would prefer to live in a rented luxury space as opposed to buying one instead. Although recent trends showcase a boom in Manhattan’s luxury real estate, people are wary of the fickleness of the economy and hence don’t want to put their hard-earned money into something that could lose value in the future. So, while they search for the ideal apartment to invest in, they would still like to maintain their high standards of living, and renting a luxury apartment is the best way to do just that. Renting an apartment would also forego several of the hassles commonly associated with buying an apartment in New York.

Even if one were to compare the features of the two, one would be quick to realize that the city’s luxury rental apartments are every bit as elegant and convenient as the homes that are on sale on the market. A cursory look at the apartments at MiMA in Midtown Manhattan or those at Trump Place on the Upper West Side will be enough to belie any doubts on the exquisite standards of luxury in rental apartments in the city. These high-end rental apartments, which come along with excellent, hotel-style amenities, are in demand not just by home hunters in the city. Manhattan’s real estate developers also favor rental residential developments, as they are often less risky investments because of a steady demand for apartments in the city.

So, if you are looking for a sleek and stylish home that assures you of the fabled Manhattan luxury lifestyle, then besides looking for apartments on sale, take a look at the apartments for rent as well. Chances are that you’d be able to find and rent the home of your dreams, without having to rally up finances to buy it instead.