If there is good news about the average rental rates in New York City, it is that their skyrocketing climb has somewhat abated in recent months. In fact, it can be argued that the overall rates have come down slightly, although most would agree that they are still too high. In Manhattan and Brooklyn, the rates reached all-time highs in January 2017, but they have dropped a little over the ensuring months.
Still, in Manhattan which is the home to the highest average rates, they have come down slightly in the past year from their high of $3,382 to $3,350 which should be seen as a sign of a potential turnaround. The average rents have come down across the board for one-bedroom and two-bedroom apartments along with luxury apartments which had been leading the way in terms of rising rates. Only in the newly developed apartments have the rates gone up over the past few months.
If you are looking for an apartment in Northwest Queens, the rates have actually come down over the past year. Today, they average about $2,800 which is slightly down from their high of $2,954. This is due no doubt to the number of new leases which has declined considerably over the same period. The expansion of the inventory has meant more availability for apartments in the area.
The same general trend can be found in Brooklyn where the numbers have decreased over the past few months as well. The overall median rates are $2,750 with studio apartments declined slightly to $2,296, one-bedrooms come in at $2,600, two bedrooms hit a flat $3,000 average, and the luxury market which is the source for most of the gains comes in at $5,411 on average which is little different compare to last year. Even the new development is down to $3,284 which shows that the overall market may be heading downward at least in the short term.
Experts consider the rental market to be in a period of fluctuation which means that it might be transitioning downward if the inventory of apartments continues to grow. However, it is also expected that the rates are not going to plummet anytime soon, but that they will gradually come down over time assuming that new renters avoid the big areas of Manhattan, Queens, and Brooklyn.
You can find the most expensive apartments in Manhattan in the Soho/Tribeca area that has a median rent of $5,225 per month with Gramercy/Flatiron coming in a distant second at $4,100. The Dumbo area of Brooklyn has an average of $5,000 while the downtown area is second at $3,600. These are rates which have only dipped slightly over the past year.
However, the average price of one-bedroom and two-bedroom apartments remain high and the drop is only negligible when you consider the increases that have occurred over the past few years. However, there has been an increase in incentives as many apartment building owners have tossed in discounts like a free month’s rent to help lure in new renters.
In recent years, the average rental rates in New York City have skyrocketed, making it second only to San Francisco in terms of renting an apartment. However, the rates have not only slowed in their growth, but have started to dip for the first time since 2009 across the city. The indicators are that NYC is now turning into a renter’s market because of the decreasing demand and increasing number of new apartments that are being built.
Is the Rental Bubble About to Burst?
Considering that rental rates for apartments have gone up across the US over the past several years, the fact that they are tapering off now and perhaps even seeming to dip slightly could be seen as a sign that they might fall. However, it is difficult to look at the fluctuations of the past few months and conclude that a larger fall in rates is on the way. Still, there are signs that the rental bubble may be ready to collapse.
One reason to suspect that rates might be falling fast in the near future is because they are being supported by concessions from owners who offer new renters a month or two of free rent for their apartments. Because the monthly rate is still the same, it has no effect on the average, yet the renter is paying less money as a result. The trend of such concessions is not only widespread across NYC, but in some areas the free rent lasts for up to four months which indicates that a buyer’s market may be on the way.
Another indication is that the fluctuations cannot be accounted for by the seasonal changes that happen every year. There is always a downturn in renter interest during specific times of the year, yet when taking that into account, it still does not explain the general turnaround that appears to be starting. However, it’s also true that rental statistics are usually about two months behind in terms of when they are collected and when they can be examined.
In other words, NYC already be in a decline for rents and the buyer’s market is here. Or, it could mean that this is a temporary fluctuation that may continue in the short term before bouncing back up later in the year. What is true is that over the past year rental rates across the city have been in decline with some reaching the levels they were at back in 2009.
The evidence is still mostly anecdotal as people are reporting what they are paying which may vary from the facts. Plus, there may be other factors involved such as apartments that are falling apart, landlords who are simply greedy, and the supply of new apartments not being discovered. What is true however, is that there is a glut of new apartments, both old and new, in the NYC already with the building of new units only accelerating.
This means that the main factor might be the building boom which ultimately may cause the rent in NYC to truly turn around and fall.
Perhaps it’s not surprising that New York City is home to the second highest average rent in the US, just behind San Francisco in the overall numbers. The rents have gone up at a less steep rate for one-bedroom apartments in recent months, but they are still headed upwards overall. The good news for renters is that there are still places that are less expensive if you take the time to look for them and perhaps are willing to make some compromises.
The overall median rent for New York City is $3,200 for a one-bedroom apartment. This follows only San Francisco which has an average rental rate of $3,460. For comparison purposes, the city of Boston is well behind at $2,230 followed by San Jose at $2,220. Of course, there are areas of NYC where the rent is the highest and growing steadily, so you should be aware of these places as well.
Highest & Lowest Rent in Brooklyn
It’s probably not surprise that DUMBO, located on the northwest corner of Brooklyn along the shoreline is still the most expensive place to rent a one-bedroom apartment at $3,899. Not far behind is Vinegar Hill which is next to DUMBO at $3,650. Further back on the list is Brooklyn Heights at $3,100 and then Williamsburg which comes in at $3,000 even.
If you are looking for the best deal in all of Brooklyn, then you will need to go east into the interior of the borough and find Brownsville which offers one-bedroom apartments at a mere $1,420 on average which is quite modest compared to much of NYC in general. Slightly higher are the one-bedroom apartments in East Flatbush at $1,500 followed by Sunset Park at $1,600 showing that the southern part of Brooklyn is the place to go if you are looking for cheaper rental rates.
Highest & Lowest Rent in Manhattan
The two neighborhoods that have the highest rent for one-bedroom apartments in Manhattan are Nomad and Tribeca, which is arguably no surprise. You can expect to pay on average $4,500 per month in either area which is quite steep. Not too far behind are Greenwich Village which clocks in at $3,900, Gramercy Park and West Village which average just below $3,900.
If you want to live in Manhattan and pay the lowest average rent, Washington Heights is the place to go as they average a mere $1,850 for a one-bedroom apartment. Not far behind is Central Harlem which offers an average rent of $2,090 with West Harlem just slightly above at $2,100. Despite its reputation, East Harlem is about $80 more expensive than West Harlem which may catch some people by surprise considering all the press that it has received in recent months.
A little research followed by searching can find you the lower priced apartments in NYC. While it does take some effort, it will be worth it as you can save hundreds of dollars per month simply by choosing the neighborhoods that are not in such demand.
For anyone struggling to live in New York City, the challenges of paying the rent can take a big bite out of your paycheck. It’s little wonder that many residents share apartment space, but that comes at the cost of privacy. One solution that is becoming more popular is the use of temporary walls NYC apartment building owners approve of using on their properties.
What are Temporary Walls?
Temporary or pressurized walls NYC apartment building owners approve are walls that divide larger rooms from floor to the ceiling without the use of nails, adhesives, or screws. It is the pressure applied from the temporary wall that keeps it in place without damaging the surrounding material. Once there is no more need for the wall, it can be taken down and not leave behind any evidence of its former presence.
Thanks to advances in technology, a temporary wall can be installed quickly and offers the same benefits as a permanent wall.
Benefits of Pressurized Walls NYC Residents Enjoy
Building codes in NYC require permanent wall added to existing apartment buildings that natural light be present in the newly created rooms. It’s one reason why many permanently added walls leave a gap near the ceiling to comply with the code, but that allows for all your activities inside the room to be heard clearly on the outside.
Temporary walls offer several advantages for both residents and building owners. The use of these walls has created mutual benefits that is making them more popular by the day.
Lower Rents: An extra room created by temporary walls NYC residents enjoy means better enticing someone to stay with you which in turn lowers the rent that you pay.
Greater Privacy: Because the walls go up to the ceiling, the noise is reduced the same as a permanent wall. This means greater privacy for people on both sides.
Creating Additional Space: This will benefit both residents and apartment building owners as a new room is created which can be rented out, used as an office, to store items, and many other uses as well.
Appeals to a Broader Demographic: The push for luxury living spaces has created fewer places for those on lower incomes to live. For property owners, creating additional rooms using temporary walls means tapping into a market that is desperate for inexpensive places to live. Plus, because the pressurized walls are temporary, they can be removed when needed.
Pressurized walls NYC residents and building owners are becoming more familiar with offer plenty of advantages with no downside. Even the price of installing a temporary wall is relatively inexpensive and often pays for itself within the first few months of renting out the new space. Plus, they do not cause any damage to the existing structure, so there is nothing to repair once they are removed.
So, if you are looking to expand the number of rentable spaces in your apartment building or if you are tired of not having any privacy when living with roommates, then getting a temporary wall installed may be the best solution.
Thanks to the concentration of people earning a high income, many of the services and products in New York City are cheaper than what you would find in many other parts of the country. The concentration of people earning good income leads to competition which keeps prices low.
The one exception is housing and the high rent that NYC residents pay is a reminder that not everything in the city is cheap. Today, everyone who rents in NYC is paying on average more than almost anywhere else in the nation and it keeps getting more expensive. There are several reasons for this phenomenon and it is the combination of circumstances that keeps allows for high rent to be maintained.
Falling Crime Rate
Improved Amenities & Services
These are the basic reasons that New York City has become a more popular place to live over the past two decades. The crime rate has essentially been cut in half, this has led to an explosion of businesses offering more items and better services. And, that has led to more job opportunities in the city. However, these are not the only reasons why the high rent exists.
Lack of Supply
Arguably the most basic reason is that housing simply has not kept up with demand. With the influx of new residents, there are simply not enough apartments, condos and homes that are available. The combination of being on an island and the tough building codes and regulations have made new housing construction difficult. The result is that there are simply more people looking for places to rent than places that are available.
More Seasonal Homes
One interesting reason why rent has gone up is the strong increase in seasonal or occasional use homes, which has skyrocketed from less than 1 percent to nearly 2 percent. That may not seem like much at first, but it represents homes that are not being sold, but instead rented for seasonal or occasional use which has left fewer homes available for year-round rental.
Attractive Living Conditions
Despite the high rent, there are many who are still moving to NYC because of the concentration of attractive amenities such as the many restaurants, theaters, nightclubs, and bars that make it a great place to live. For those who earn a high-income, New York City is a very attractive place to live with little concern about the rental conditions. However, for those who do not earn a big salary, being close to the many amenities the city offers is no substitute for the price they must pay for renting.
New York City is not alone when it comes to limited housing and rising rents as places like San Francisco are seeing the same conditions. The relatively high pay for many jobs has helped to alleviate some of the high rent issues in NYC, but not all of them. The struggle to get new housing built combined with fewer current spaces on the market means that rent will keep rising for the foreseeable future.
If you live in a New York City apartment building, you might be familiar with temporary walls. In fact, pressurized walls NYC residents are familiar with may also include homes, commercial buildings, and facilities. The value of pressurized or temporary walls is such that they provide a considerable number of uses in New York City and any community where space is at a premium.
What are Temporary Walls NYC?
This is a wall that is installed into an existing room. Unlike permanent walls which become a part of the structure, these temporary versions are put into place and then “pressurized” so they fit against the floor, walls, and ceiling without causing any surface damage. This means that they stay in place just like a permanent wall, but can be easily removed with no damage to the room itself.
Pressurized walls are quite popular in New York City and other urban areas where space is at a premium. In apartment buildings for example, a larger room can be sections off into two rooms which provides for another tenant in the building. This means with another person sharing the rent, yet still retaining some measure of privacy, the number of rooms can be effectively expanded in a single apartment building.
It’s little wonder that the use of such walls has exploded across New York City and the rest of the US. For many, it is the most economical and practical solution to adding more tenants.
Uses of Pressurized Walls NYC
In addition to providing for more tenants, there are other valuable uses for temporary walls that make them a great choice for residents and businesses alike.
Turn One Room into Two: For couples that are adding to the number of family members in the home, a pressurized wall turns one bedroom into two. This is a simple way to maintain privacy without having to make an expensive renovation to the home. It can also be removed once they leave the home so you can use the room for another purpose.
Repurpose Rooms: For residents and businesses that have one room that is too large for the purpose in which it is being used, changing it to two rooms offers greater flexibility. For businesses, this means adding new office space, work or manufacturing rooms while residents can create the den, reading room, or home office they have always wanted.
Additional Storage Space: You can create a specific storage space that keeps your items out of sight. In this manner, you effectively create an additional room inside the home so you can keep more items stored. You can create small room, such as a closet for coats and clothing or a larger room to keep items safely hidden from view.
Keep in mind that all additions are temporary so they do not affect the value of the property itself. You can have the temporary walls removed at any time and they will not leave any indication of their presence. That way, you can preserve the value of the home, building, or facility while making the additional changes that you want.
In New York City, housing is at a premium with so many people living in such a relatively small area. Apartments prices are skyrocketing and the need for space has increased considerably over the past few decades.
Given the cost of new apartment and residential buildings, making the most out of the available space has become a premium. This is where temporary walls or pressurized walls provide a solution for construction, apartment managers and residents, and house owners for providing more space at a low, affordable cost.
The temporary walls NYC apartment managers, residents, and some home owners are familiar with consists of building a wall inside an existing room without doing any damage to the floor, walls, or ceiling. The wall itself is solid and placed along the studs of the surrounding walls, but is pressurized so that it stays in place.
Because the pressurization holds the wall in place, there are no nails, glue, or other products used to keep the wall in position. Plus, the pressurized walls NYC residents are familiar with cut down on the passage of sound just like permanent walls. And, they are seamless enough that many cannot tell that the wall itself is temporary.
Once the need for the temporary wall has passed, it can be removed quickly and there will not be a trace of its existence left which protects the value of the property.
The benefits for apartment and home owners is obvious as adding a new room means getting a new tenant which increases the income the property generates with relatively little expense and no damage caused to the property itself.
In the construction industry, a temporary or pressurized wall offers considerable benefits in creating new rooms from larger ones that provides options in the construction or renovation of existing properties. For example, a home owner that wants to create two rooms from one normally faces the risk of lowering the property value.
However, pressurized walls mean that a new room can be created without doing any damage and be removed if desired for a new owner of the home. The solutions that temporary walls provide are such that they offer those in the construction and renovation industries a powerful, desirable alternative when adding new rooms to apartment buildings, condos, and homes.
Plus, there is a significant cost savings when using this type of wall which may remain in the building for many years. For those who are considering adding a room by dividing up a larger space, the practicalities of using a pressurized wall offers substantial benefits with no downside. The wall is real, it blocks out sound, and is strong and durable just like a permanent wall.
For apartment and home owners, temporary walls NYC residents are very familiar with offer a way for tenants to add space for an additional renter which helps make the most out of providing income for their property. In construction, pressurized walls NYC businesses use provide additional options that can be changed based on needs without undue expenditures.