The Market Today
Welcome to New York City, the global destination for success. This is "the city that never sleeps," with hundreds of world-class restaurants, exclusive nightclubs, breathtaking galleries, and innovative performing arts. It boasts a rich historical heritage of classic architecture, majestic landmarks, and world-renowned museums. It is the international headquarters of the United Nations and the financial capital of the world. This is the Big Apple - home of the world champion NY Yankees and the New Economy of Silicon Alley.
Major international companies, from finance and technology to entertainment and fashion, flock to New York City. At any given time, the vacancy rate averages slightly more or less than 1%.
New York City is the most highly competitive housing market in the country.
Manhattan Apartments is here to help, by providing you with full support and service. We call our unique approach, 3 Steps to a Home in Manhattan.
- Know the market, through our vast information resources and experienced staff
- find your apartment, our extensive and reliable contacts and our expert agents
- make your apartment a home, through our tested home services referrals
The Rental Market Today
In America's most densely populated city, the competition for apartments is always fierce. Today, the vacancy rate hovers around 1%, but is slightly on the rise. Some landlords are beginning to offer incentives to rent their apartments by contributing to the broker’s fee or offering free rent due to the rising rate. However, well priced apartments in desirable areas always rent quickly and rarely have such incentives.
The application process in NYC is very thorough and unlike any you will encounter elsewhere. Landlords often review several applicants and choose the best documented, financially qualified person.
Finding the right apartment in Manhattan can be a stressful, time-consuming process. An experienced real estate broker provides access to the most apartments to choose from since we learn about availabilities before they are vacant and advertised.
Your chances of being chosen by the landlord increases because we know the requirements and submit well documented applications.
Additionally, since Manhattan Apartments has been in the business of apartment rentals since 1984—longer than any other rental broker---landlords know our managers well and trust the applications we submit.
What Do Apartments Cost?
For a quick count and price breakdown of available apartments in Manhattan, see our Daily Rental Report.
For information about leases, requirements and tips on how to get started, see The Rental Market - "where do I start".
The Sales Market Today
It is definitely a buyers market in New York City Real Estate today. There are more options and opportunities due to an increase in available properties, and prices are more negotiable then they’ve been in 5 years. New construction sellers are offering a variety of incentives, including covering a portion or all of the closing costs and city and state transfer taxes. A few are even offering to carry the loan at competitive rates.
Interest rates are still historically low, (under 7%) affording plenty of borrowing power for qualified purchasers. However, loan criteria have become more stringent requiring excellent FICA scores and resources. Monthly and annual cost analysis' of Manhattan residential property still reveal many advantages and benefits toward the long-term minded buyer, while many owners choose to rent out their co-op and condos, waiting for the sales market to stabilize. Furthermore, the line between renting vs. buying has begun to blur as rental prices have also begun to drop.
While buyers, in most cases, can spend more time shopping than in previous years, the best priced and most desirable apartments are continuing to sell at a brisk pace. Active buyers should know that the environment for appropriately priced apartments remains quite competitive. Therefore, they must still be highly motivated, qualified, and prepared to put in an offer as soon as they find the property they desire.
Can I afford Manhattan?
If you're considering buying an apartment, your first decision is to identify your price-point. Here's the basic financial picture:
- You can generally borrow a bit more than twice your annual income.
- You must have cash to put down, and an ample amount in reserve.
- You can expect to pay the following:
- Studios $300,000 to 500,000 +
- 1 BR's $550,000 to 1,000,000 +
- 2 BR's $900,500 to 2,000,000 +
- 3 BR's $2,500,000 to 3,000,000 +
The above estimates are for co-ops; condos generally run 25-40% higher for the same apartment.
Once you've decided what your price-point is, we'll walk you through every step of the process and keep you informed about market changes and advantages
For detailed information about coops & condos and helpful tips about how to get started, see The Sales Market - "where do I start".