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.
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.
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.