The New York Apartment Rental Outlook – Manhattan Apartments

In this final installment of the New York Apartment rental survey put together by the NY Daily News, we look at the state of the rental market for Manhattan Apartments. We all know how this is going to start…

Flying off the shelves applies more to Manhattan rentals than it does to the new iPad. Average rental prices have soared in the last year, reaching an all-time high of $3,418, according to Citi Habitats, the city’s leading rental agency with more than 13,000 transactions per year. There is even competition over apartments, with vacancy at 1.22%. Landlord concessions are down because of the high demand all over the borough.

Two new strong rental projects will hit the market within the year. At 70 Pine, a commercial tower recently purchased by downtown loft converters Metro Lofts, over 900 units will hit the market before the building is fully restored. When completed, the tower will be the tallest residential building in North America, surpassing New York by Gehry, just down the street. On the upper West Side, the Windermere puts a hip, young, Miami-style décor in a historic prewar building. An indoor pool highlights the amenities package. Studios are expected to fetch almost $3,000.

“Flying off the shelves” is as succinct a description of the market as there is. And don’t expect it to get better very soon. If you rent a rent stabilized apartment, don’t even think of leaving it unless you’re prepared to shell out a lot more.
apartment in ny

Isn't this just live everyone else's apartment in NY?

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Written by Lorenzo

Lorenzo has been hanging around the RDNY.com office for the past 20 years, and, in the process, has become the president of RDNY.com, Rent-Direct.com, and Acmelistings.com. His mission is to build RDNY.com into New York's largest no fee apartment rental service. Before RDNY.com, Lorenzo was a Regional Sales Manager for Time Equities, Inc., one of New York's largest converters of rental buildings to coops and condos. Lorenzo was once a part owner of Swift & Watson Real Estate in NYC's Greenwich Village.

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