There have been ups and downs in the market for Manhattan apartments for sale, but with the economy still bumping along the bottom in a host of indicators, the NYC condo market remains more of a buyer's market than a seller's market at this point. Which is great news... if you have $1.8 million dollars lying around, in which case you're used to great news every time you visit the ATM. But with the average price on Manhattan apartments rising to around $2 million, this buyer's market isn't one most New York apartment hunters can partake in. The good news, of course, is that there are plenty of available luxury rental apartments in Manhattan, many of them offering a level of luxury and amenitization that rivals that found at high-end Manhattan apartments for sale. But here's the better news -- a new study from real estate info clearinghouse Trulia reveals that it's not just less expensive to rent a Manhattan apartment than to buy one, it's also notably wiser and more cost-effective in the long run. (Thus the bling-bling dollar signs on this post) (Well, also we think they're neat)

We know what you're thinking: is this post just an excuse to break out the Jimmy "Rent Is Too Damn High Party" McMillan image again? Which, honestly, we shouldn't even dignify with a response, but here you go: 1) what a ridiculous accusation, really and 2) yes, but only kind of. But there's more to this post than a wish to recall the fond memories we have of the pioneering karate expert/politician that Luxury Rentals Manhattan endorsed for Governor earlier this year. While we spend a lot of time following the ebb and flow of the market for Manhattan rental apartments -- and some time reminding everyone that rents, while high, are not quite as bad as you might think -- the nature of our work here gives us very little time to look into the how's and why's of Manhattan real estate. Or, as Jimmy might put it, the how's and why's of how NYC apartment rents became too damn high. But as Tom Acitelli writes in a terrific piece for the New York Observer, there are several very good reasons why Manhattan apartment rents seem so damn high -- and also plenty of reasons why NYC rents, while high, are not too damnably so when considered in context.

After a number of recent posts here at the Luxury Rentals Manhattan blog can attest, we are of the opinion that autumn and winter are about as good as it gets for Manhattan luxury rentals. Which, being as this is the blog at a site comprised mostly of Manhattan rental listings, probably makes some sense. But while the seasonal rise in concessions makes Manhattan rentals that much more appealing, there's also a broader, contextual reason the Manhattan apartment rental market has performed so well of late -- that reason being that buying Manhattan condos is hugely expensive, hilariously onerous, generally difficult and not becoming notably less so. All of which explains, somewhat, why the market for high-price, high-end Manhattan luxury rentals is currently booming. And things are currently hottest at the very high end of the market.

You know it's good news when Luxury Rentals Manhattan breaks out the popchampagne.jpg imagery, and so it is in this case. Of course, rising vacancy rates are not the sort of thing that landlords pop corks over -- the tighter the market for NYC apartment rentals is, the more they're able to get for said NYC apartment rentals. But with October rental stats showing an (expected, seasonal) rise in the New York apartment vacancy rate, things in the Manhattan real estate market seem to have turned in favor of renters, after months of running the other way. Again, this sort of thing pretty much always happens in autumn, which is why it's the most wonderful time of the year for Manhattan apartment hunters. But that doesn't mean renters shouldn't be celebrating this particular bit of seasonal good luck. While CitiHabitats' report on the October rental market indicated that rents fell one percent from September's averages, the real news here is the rising vacancy rate -- and how it could wind up making concessions on NYC apartments a lot less rare. Thus the popping corks. Read on for the nitty gritty.