Rental Apartment Prices in Manhattan – By NY Realtors

If I sit and compare the rental rates of Manhattan from the previous year it goes without saying that the rates out here are on fire. However, on taking a closer look at the month on month growth in the rental rates I have seen that the rates for rent of very pricey apartments have either stagnated or subsided a bit and the demand curve has shifted towards affordable living or affordable luxury.

rental-apartment

Why and how are the rents moving in Manhattan?

  1. So, the prices are going to increase but the rate of change of the prices is going to be less. The market scenario might not be the same near Queens or Brooklyn, as the demand is very high over there which would keep the rental rates very high.
  2. The inventory of rental apartments are also going up, with new additions and various upgradesand downgrades from home owners. Every other house on the streets are getting listed for rentals. This trend has occurred because of the high rents in Manhattan. Home owners are thinking, why wait for capital appreciation;let’s put it out for rent!
  3. Real estate developers are also responsible for the price fluctuations of rental apartments in Manhattan NY. A new tax mandate is about to be implemented from the second half of June 2015. This has urged a lot of developers to hold on before building new rental units. So the supply section is getting constricted, which has an inverse effect on the demand. Thus, a rise in rental rates.
  4. With ever increasing rental rates, developers are trying their best to make everything worth the price. The best initiative towards making it happen is by putting in very innovative facilities and amenities along with the stay. Pursuing a hobby or learning music would no longer be something we had always thought of, it could very well be incorporated in our rental apartment complex.
  5. Rental rates will be high, but does that mean you will keep on compromising with your lifestyle. No! I found that roommates are a great way to add fun and company to my living, along with sharing the rent. So, if the rent is $3000 and I have 2 friends moving in with me, the rent becomes $1000 per head which I would be able to afford and also have access to a larger apartment at a neighbourhood of mychoice. This is the best alternative for young professionalswho have just started their corporate journey.
  6. Transportation facilities and distance from schools and work places are becoming determining factors while home hunters are searching for rental apartments. People do not want a huge transportation bill on top of the rental bill.

Espana Gomez is an author of this blog. Recently she works as an interior design assistant in her town. She loves daydreaming about beautiful homes and interior decor.