New York City Luxury Rental Blog Archives for February 2013

Report: Rental Risk Falls In New York

Copy of CoreLogic ChartSource: 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.

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Five Ways Manhattan Apartments Are Attracting Dog-Lovers

Corgi

It’s no secret that your average New York dog owner is of a different breed than their counterparts. The Census Bureau reports that although the rate of pet ownership in the city is half the nation's 60-percent average, New Yorkers spend twice as much on their pets. If you want to know what happens when a NYC building owner tries to tighten the policies on pets, look no further than the case of Gateway Plaza. The tenants were one step away from torches and pitchforks when the owners finally reversed the new rules. Building owners are realizing that turning away dog lovers can be a financially risky decision and have begun to adjust their policies, going above and beyond simply saying "dogs allowed" to attract this significant demographic. Here are a few ways that Manhattan Real Estate Owners and neighborhood officials are trying to cater to dog owners:

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Report: Lower Income Professionals Keeping NYC Rental Market Affordable

Report says lower income professionals are keeping NYC rental market affordable

Apartment rents in New York City have been falling for the past few months, and if a new report by real estate marketing consultant Nancy Packes is to be believed, the market is being kept affordable thanks to the influx of new renters, who, thanks to their lower incomes, are forcing landlords to keep rents cheap in the city. These new renters, who are mostly young and employed in creative pursuits like art, design and technology, are flooding into the city, and they are emerging as the ones controlling the rent swings in New York City.

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Here’s Why Now is a Good Time to Rent in Manhattan

Here’s Why Now is a Good Time to Rent in Manhattan

So, here’s the deal: yes, Manhattan is known for having high rents, but if you’ve set your mind on living in only this borough of New York City, now is a good time to score some great deals on apartments here. A report in The Wall Street Journal says that rents in Manhattan declined again last month, thereby making January the fifth consecutive month to see a drop in average rents.

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Could Creating More Luxury Apartments Help Ease New York’s Affordability Crisis?

Creating Luxury Apartments Could Help Mitigate the Affordability Crisis

Since City Council Speaker Christine Quinn has already announced her bid for the mayoral seat once Mayor Mike Bloomberg completes his term, it was no surprise to hear her include some major promises to the electorate in her annual State of the City address on Monday. Her speech, which largely focused on creating better lifestyles for the middle class, touched a good deal on the issue of rising rents in New York City, because of which many people are unable to afford living here.

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27 on 27th in Long Island City Sees Rise in Popularity

27 on 27th in Long Island City sees rise in popularity

The recent flurry of New Yorkers moving into 27 on 27th, the new luxury rental building located at 42-17 27th Street in Long Island City is yet another indication of how popular this neighborhood has become. While it may have once been an industrial community in New York, Long Island City today is fast becoming known as a residential neighborhood of repute, with its residents loving the great apartments they have, and the beautiful Manhattan views they get to enjoy from their homes.

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Looking for Affordable Rents in Manhattan? Head to Murray Hill and Harlem

Looking for affordable rentals in Manhattan? Try Murray Hill and Harlem

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.

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Jared Kushner Buys 17 East Village Rentals for $130 Million

Jared Kushner buys 17 walk-up rental buildings in the East Village

It seems that there’s going to be a lot of change coming to the East Village very soon. According to a report in The Real Deal, Jared Kushner, principal owner of Kushner Properties, has paid about $130 million to buy 17 walk-up rental buildings that are located in this very popular neighborhood. Kushner’s purchase comes close on the heels of a number of other deals that he has done in the recent past, which include properties in New York City, New Jersey and Baltimore as well.

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