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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.
If you live or are visiting New York City, there are so many things that you can see and experience. While many will take in the Broadway shows, visit Central Park, or engage in the many nighttime activities the Big Apple offers, there are certain things you must see in NYC.
One of the most recognizable landmarks, the Brooklyn Bridge is still a mecca of activity as many thousands cross it between Brooklyn and Manhattan. You can walk across the promenade, which is a boardwalk that is elevated above the highway and take in the incredible views of the city. It takes about 40 minutes to cross and you’ll meet many different people. Just don’t take any offers to buy the bridge.
Stunning Central Park offers a place of respite from the urban noise that dominates the city. You can take in the park from the southern section which provides an excellent impression of just what it offers. The good news is that the park is so large that you can find a quiet place to picnic or just relax and take in the surrounding natural beauty.
If there is a symbol to New York City, it is the marvelous Empire State Building which represents the ultimate in Art Deco design for skyscrapers. While many take in the stunning view from the 86th floor deck, you will want to venture up to the 102nd floor observatory where you can see even more of this incredible city.
No trip to NYC would be complete without a visit to the incredible Metropolitan Museum of Art that offers more than 2 million works complied from 5,000 years of human history. The museum is so large that it will take more than a day to see it all, so you may want to visit the museum multiple times on each visit or if you live in NYC, going once a month may work well until you see it all.
This representation of the hope millions of immigrants felt when arriving in America at the beginning of the 20th century still stands proud and is quite the sight to see. Taking the ferry from Battery Park lets you enjoy this wonder much as the immigrants did over a century ago. You can also visit all of Ellis Island after taking in the statue to see the many different galleries, photographs, and artifacts from the era.
The most recognizable and frenetic part of NYC, Times Square still impresses with its large crowds surrounded by tall building that provide an overload of lights, displays, and broadcasts. You can find a host of network shows, unusual entertainment, and perhaps a naked cowboy that will make your visit to the square unforgettable. Of course, New Year’s Eve is the time to go if you want to get the full experience.
Of course, there are many other things you must see in NYC, but this is a good starting point to provide you with a glimpse of what the Big Apple has to offer.
While there are plenty of things to do in NYC, there are quite a few things just outside the city that make for a great weekend getaway. If you live in the Big Apple and are looking for a change that will refresh your spirits, here are five places close to NYC that make for a great weekend getaway.
Since the 1950s, this has been one of the most active summer getaway locations. About 90 minutes from NYC, you can stay at the famous Berkeley Oceanfront Hotel for just over $100 a night while taking in all the sights. The community offers many events and gatherings geared towards the gay community and it has been a place of recreation, fun, and entertainment for many years.
The name may sound familiar as it is the location of Beacon Mountain which played an important role during the American Revolutionary War. However, the city of Beacon is well-known today for its indie spirit which has attracted many people to this growing community. Located about 90 minutes from NYC along the banks of the Hudson River, you can visit many diverse attractions from the galleries of art exhibitions to seeing the natural beauty of the region.
Located about 75 minutes from NYC, Bear Mountain offers spectacular scenery that will refresh your mind, body, and spirit in getting away from the crowded city. You’ll find Bear Mountain on the west bank of the Hudson River where you can enjoy the many hiking and biking trails, picnic areas, fishing and water activities, and even visit the local zoo.
If you want to stay in the lap of luxury, the Bear Mountain Inn which is over a century old provides excellent guest rooms, a restaurant, and spa for ideal relaxation.
A little further away at nearly two hours average driving from NYC, this small, but vibrant indie community offers a laid-back approach that you will drink in from the moment you arrive. You can visit the many small, but interesting attractions and even take a bike ride down the Delaware Canal which will soothe the soul. New Hope is dedicated to preserving the environment which is why you’ll find hundreds of natural plant species dotting the meadows and woodlands of the surrounding area.
Located just under two hours from NYC, New Paltz is a remarkable setting that features large, verdant trees, riverside bluffs, and many homes and buildings that are older than the United States. Founded by 17th century Huguenots who settled in this part of the country, you can tour the homes and buildings that date back to the latter days of the 1600s. You can also stay at the famous Mohonk Mountain House along Lake Mohonk which was the inspiration for Stephen King’s classic novel, “The Shining”.
While there are many things to do in NYC, you can find quite a few things outside the city that never sleeps for a weekend getaway that will stay in your memories.
The Memorial Day NYC events kick off a summer of exciting activities that run through Labor Day weekend. There is something special about spending Memorial Day in the Big Apple which is why it attracts so many tourists. From concerts to events to the beauty of the city itself as summer arrives, there are many things to do in NYC at this special time of the year.
Attractions
The many year-round attractions in NYC only seem more special during Memorial Day weekend. The outdoor temperature is usually just right for the many sights to see in the city. Here are just a few places you’ll want to check out during your trip.
The four major attractions all offer great history and excellent views of how New Yorkers live every day. You might be able to catch a game at Yankee Stadium or take a tour when a game is not playing. You can also picnic in Central Park or at the Brooklyn Bridge Park and settle in for the afternoon before catching a show in the evening.
You can also take in one of the many art museums that feature several famous exhibitions and enjoy many other locations is you purchase a special Explorer Pass that may save up to 50% from the regular price of admission.
Cruises & Nature
One of the best ways to see NYC is from the water and there are several waterfront excursions you can take which will help you see what the city offers. Landmark Cruises for example takes in Battery Park, Wall Street, Statue of Liberty, One World Trade Center, the USS Intrepid, and many more sites that will let you see what helps make NYC so special to so many people.
Once you have completed your cruise, check out the American Museum of Natural History which completes some of its famed exhibitions during the Memorial Day weekend events. With so many things to see, this is one of the great places to visit during this time of the year.
Concerts
There are concerts virtually every day in NYC, but around the Memorial Day weekend the number intensifies because of the additional tourists in the area. For 2017, the Billy Joel concert at the MSG on the 25th of May will arguably be the most popular at the time and well worth seeing for residents and visitors alike.
You can also seek out concerts in the many smaller venues that NYC offers. By checking in advance, you may be able to catch a show from one of your favorite artists. Plus, the many clubs, restaurants, and bars in the city offer music acts well worth catching while enjoying a meal or a drink as you relax for the evening.
There is nothing like what Memorial Day NYC activities offer for the tourist looking to get the most out of their visit in one weekend. If you are looking to visit the Big Apple, then Memorial Day weekend is one of the best times of the year.
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.
With an average commute time of 41 minutes, it does take some time to get to the midtown or downtown areas. This means choosing the right location to live in NYC takes a little research when it comes to your daily commute. Given just how large the city is, where you work will dictate where you should live if you want to keep the commute time down to a minimum.
Financial District
Red Hook, Brooklyn: You’ll have to catch a bus or train, but you can make it in 40 minutes. Red Hook is along the water and has become a fashionable place to live in the past few years.
St. George, Staten Island: This means traveling by ferry, but there’s plenty of restaurants and bars to have a meal or a quick drink on your way back from work. Most of what you find in St. George will be apartments, many of them newly constructed.
South Harlem: One of the growing areas of NYC, South Harlem has changed considerably over the past two decades, offering relatively moderately priced rentals and plenty of restaurants. Unfortunately, there are few no-frills rentals left in the area, so you are looking at an average of $2,800 for a two-bedroom, single bath per month.
Midtown East
Bushwick, Brooklyn: A creative scene with plenty of nightlife, this is one hip place to live. You can take the M or L-train depending on where you live. However, the price is a bit steep which comes with living in a hip neighborhood.
Pelham Parkway, Bronx: You’ll be near the Bronx Zoo, which is nice. But perhaps the best part is that the co-ops and rentals are rather cheap comparatively speaking. You can find a $125,000 single bedroom for sale or rent the same for $1,325 a month.
Ridgewood, Queens: The bad news is that you will have to switch trains from the M to 6, but that is still about 40 minutes for your commute. Another downside is that this is a popular place to live, so expect to pay a higher rent and find fewer good apartments.
Midtown West
Crown Heights, Brooklyn: The 2-train takes you to Midtown West, although you can switch to the 1-train. An older neighborhood, the prices are somewhat high, but still affordable thanks to the many brownstones in the area. With the rental for a two-bedroom, single bath around $2,300 on average, there are good selections here.
Inwood: You’ll take the A-train to work which takes roughly 40 minutes. The good news is that Inwood rental rates are lower than most other locations around the Big Apple. You can find a nice two-bedroom, single bath for about $2,350 on average.
Jackson Heights, Queens: Here, you take the 7-train to work and will enjoy the diverse, vibrant neighborhood during your stay. The rent is not bad and the price affordable for mid to upper middle income.
In addition to location, consider what each NYC neighborhood offers for you and your family before making your final selection.
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.
Neighborhoods in New York City seem to come and go out of fashion quickly. A hip place to live yesterday is now forgotten as a new area of NYC becomes the new housing trend. Brooklyn, Queens, and other boroughs of the city have been bouncing between being the new hot neighborhoods to cold ones over the decades for many reasons.
For real estate developers, the quest for finding the hot neighborhoods that are just rising in demand has led to many developments which have struck gold or fallen flat. However, for those who are looking at finding the right housing in NYC, the key considerations should be the rent and location to transportation. In fact, those who have followed the expanding subway lines east of Manhattan have done well in the real estate market.
For Hot Neighborhoods in NYC
East Harlem: For those who prefer to stay closer, East Harlem which runs from 96th Street up to 140th that is east of Fifth Avenue is probably the place to go. The prices for homes are quite reasonable and its one of the few places in the city to find a good deal. There is some new luxury development, but it is the history and colorful neighborhood filled with cafés, restaurants, and excellent shopping that makes it a gem.
Flatbush, Brooklyn: This old neighborhood is seeing new life thanks to an influx of new residents taking advantage of the reasonable rental properties and new developments. Bounded by the Long Island Rail Road tracks to the south up to Parkside Avenue in the north, Flatbush is a well-established neighborhood that offers great shopping and plenty of other amenities.
Rockaways, Queens: Most people associate the Rockaways with surfing and hitting the beach, but thanks to the subway it’s less than an hour from Lower Manhattan which is bringing new life to this area. The beaches and more relaxed atmosphere has brought many young professionals and their families to this location. It helps that the new development is reasonably priced, especially the condos which are now rising in this neighborhood.
Sunset Park West, Brooklyn: The Sunset Park area in Brooklyn that runs along New York Harbor from Bay Ridge in the south up to Greenwood Heights is becoming a hotbed for new renting opportunities. The attractive prices combined with the pre-war buildings that have been refurbished have created a hip neighborhood full of coffee shops and café culture. The current redevelopment of the area along with reasonable rents is only bringing more people to this picturesque part of the city
It is true that these four neighborhoods will not stay in demand for long. The reasonable rates, excellent location, convenient transportation, and wealth of shopping, eating places, and entertainment will mean that many will flock to these areas in NYC. However, for every neighborhood in Brooklyn, Queens, Manhattan, and so forth that falls out of favor, there will be new ones that become hot because of lowering rent prices and an abundance of things to do.