Confirmed: The Manhattan Rental Market is Tight Right Now
We've been seeing statistics and charts all summer here at Urban Edge about how finding and signing a New York City rental apartment has become more and more a landlord-friendly undertaking. Manhattan rents are up, vacancies are down, and owners aren't nearly as ready to hand out concessions as they were as recently as a year or so ago. Anyway, this week Citi Habitats released a five-year report on the Manhattan rental market (below 96th Street), confirming that all of the trends we've been seeing, are true.
For example, although the average Manhattan rental apartment still will set you back less each month than the markets high in 2007 and 2008, prices are definitely heading nowhere but up. And because the Manhattan vacancy rate is at an all-time low right now, don't look for that trend to change anytime soon... nor should you expect landlords to give away one or two month's free rent, as they were not infrequently doing in 2009 and for much of 2010. But just because the charts are heading in the "wrong" way for you, the NYC rental apartment seeker, doesn't mean that the news is all doom and gloom in the Manhattan rental market.
Newly constructed luxury NYC rental buildings are more competitive than ever before in going after customers, and developers are piling on amenities that until recently were unheard of in rental buildings. Outdoor swimming pools, pet spas, golf simulators, teen rec lounges.... these are just some of the more unique amenities being marketed around town. Never before has the Manhattan rental market had such variety and depth in luxury amenities and options.
Also, according to a CNNMoney article, in only 12% of the 50 largest cities in the country is it cheaper to rent than buy, and New York City is one of them. Plus, of course, there are always plenty of bargains to be found--not to mention the fact that there are tons of great places to live that aren't in Manhattan!--especially if save yourself literally thousands of dollars by renting a no-fee NYC rental apartment. Which, we might add, is the only sort of NYC rental apartment you'll find on Urban Edge.