New York City Luxury Rental Blog

As we expected to happen sooner rather than later, Manhattan rents have stabilized, bringing an end to the sixth month slide that began in August of 2013, according to a report by Jonathan Miller. Instead of the median rental price for the borough continuing to decline, March saw the median price rise by 0.2 percent from the same time last year, now sitting at $3,200 per month, nearly the same as last year’s median of $3,195. The median rental price for Manhattan last Februrary was $3,100.

Photo Source: www.realtytrac.com

New York City is on top of another real estate list, no surprise. The list of top 20 worst counties in America to be a landlord, surprise!

Mayor de Blasio has so far stayed in consistency with his plan to create more affordable housing here in NYC. One method of making NYC a more affordable city would be pursuing a renters’ freeze of regulated rents. The Rent Guidelines Board, which is comprised of nine people, had five seats on this board that were recently up for re-appointment or new appointments in March. De Blasio had finally filled these five of the nine seats. The other four seats left for re/new-appointment will be filled in December 2014.

In February 2014, the median rental price in the borough of Manhattan has fallen once again from the previous month, January 2014, at a rate of -0.4%. This equates to six total months of median rental decrease. Since last summer rent can be considered as remaining flat, but although the decreases are definitely on a small incremental scale, they are in fact continuing to decrease. Giving Manhattan renters something to smile about, well a small smile in the least. Comparing February 2014 to February 2013 we see a -2.8% decrease in the median rental price, decreases remaining steady on this front, for now at least.

Related Companies, the development firm responsible for luxury rental buildings like The Sierra, MiMA, and The Westport, just to name a few, is bringing even more apartments to Manhattan—this time in the Upper East Side. Located at 205 East 92nd Street, this new rental building will rise 36-stories and bring 230 apartments to the uptown neighborhood.