2012 was an interesting year for the luxury rental apartment market in New York City. New Yorkers saw rents for homes in the city zooming upward over the course of the year, while the number of vacant apartments in the market stopped to extremely low levels. But as tumultuous as these occurrences may seem, members of the real estate sector were smiling, as they could see that the market was not only alive, but it was doing extremely well too! With last year putting on such a good show, one wonders: will 2013 be able to repeat the performance of its predecessor?
Well, the answer to that can only be found around this time next year, but for now, all signs indicate that New York’s real estate sector is going to continue to shine. Thanks to the demand in the market for luxury rental apartments, several new projects have been announced which promise the arrival of some swanky new homes into the market very soon. New Yorkers who don’t wish to pay the stupendous prices to own an apartment in the city are finding that luxury rental apartments are a much more suitable alternative.
With the city’s economy on the upswing, rental apartments are going to be much more in demand as newcomers flood into New York City for employment purposes. This influx of professionals is being expected by the city’s administration as well, and they are pushing forward the need for more affordable rental apartments in the city. Once again, this spells good news for the city’s real estate sector—after all, anything that brings in more vacant apartments to the city’s pool of homes is going to be welcomed by the weary home hunters of New York City.
There’s also good news in store for those who want to live in condos but can’t afford their hefty price tags—a report in Business Insider says that because of the profitable nature of the New York rental market now, many buildings that were once designed as luxury condominiums are being converted to luxury rentals instead! As a result, such homes promise its residents the best living experiences in the city, at monthly rents that are almost always significantly smaller than sale prices. As a result, if you are looking for a great home but can't afford to own one right now, worry not--for renting is the way to go!
