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, with Wall Street and The
New York Stock Exchange. This is the Big Apple - home of the world champion
New York Yankees and the New Economy of Silicon Alley.
Major international companies, encompassing everything from finance and
technology to entertainment and fashion, have been flocking to New York City
this past decade. At any given time, today, the vacancy rate in Manhattan
averages less than 1%.
New York City is the most highly competitive housing market in the
country.
Manhattan Apartments Inc., is here to help, with our unique approach which
we call "3 Steps to a Home in Manhattan." We'll provide you with
full support and service in order to:
- know the market, through our our vast information
resources and experienced staff
- find your apartment, through 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 is fierce, and
the best apartments rent quickly. In early 2005, the vacancy rate began
to decrease. People moving to NYC chose to rent rather than buy due to the
rise in interest rates and the peak prices in the sales market. Today, the
vacancy rate in Manhattan is less than 1%, an all time low.
With fewer apartments on the market for rent, competition for apartments
is at an all time high. Not only do landlords in the city have specific
application requirements that are unlike any you will encounter elsewhere,
but today, they can afford to hold out for the best applicants since their
apartments are in such high demand. Rents are also on the rise, except for
those rare and very desirable apartments that have rent stabilized leases.
Finding an apartment in Manhattan can be a stressful and time-consuming
process. Using the services of an experienced real estate broker will give
you the opportunity to see more apartments to choose from since they learn
about apartments before they are vacant and advertised. A broker will also
increase your chances of being the landlords’ first choice because
they know what specific landlord requirements are and are experts at putting
together well documented application packages for each of their clients.
Additionally, since Manhattan Apartments Inc. has been in the business of
renting apartments since 1984—longer than any other rental broker---landlords
know our managers well and trust the applications we present to them.
What Do Apartments Cost?
To see a quick count and price breakdown of actual available apartments
in Manhattan today, see our exclusive Manhattan Apartments Daily
Rental Report,, which is
updated continually throughout the daywhich is updated continually throughout
the day.
For comprehensive information about leases, landlord requirements and
tips on how to get started, see "The Rental Market (FAQ)"
where
do I start?
The Sales Market Today
Currently, the trend in New York Real Estate is leaning toward a buyer's
market. Throughout the past five years, sellers have enjoyed a meteoric
price appreciation of historic proportions. Apartments have often sold
within a month or less from when they were first put on the market for
sale.
As interest rates have now begun to climb and inventory has risen to a
recent high, the market has begun to noticeably shift and buyers are now
faced with more options and opportunities in purchasing a home in
Manhattan.
Although prices have only just begun to stabilize, interest rates are
still historically low, affording plenty of borrowing power for qualified
purchasers. Furthermore, the line between renting vs. buying has begun
to blur as rental prices are also at an all-time high.
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 real estate market to
stabilize.
However, while buyers in most cases can spend more time shopping than in
previous years, the best priced and most desirable apartments are
clearly continuing to sell at a brisk pace. Active buyers should know that the
environment for appropriately priced apartments remains quite competitive,
and therefore must still be highly motivated, qualified, and must be
prepared to put in an offer as soon as they find the property they desire
within their price-point.
Can I afford Manhattan?
If you're considering buying an apartment, your first question should be
whether or not you can afford it. 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 $200,000 to 500,000 +
- 1 BR's $550,000 to 900,000
+
- 2 BR's $900,000 to 2,000,000 +
- 3 BR's $2,000,000 to
3,000,000 +
The above estimates are for co-ops; condos generally run 25-40%
higher for the same apartment.
So you've decided you can afford it - what do you do now? We'll walk
you through everything you need to know, and do, to start your search
for a co-op or condo in Manhattan.
For detailed information about coops& condos and helpful
tips about how to get started, see The Sales Market (FAQ) where
do I start?
