Manhattan- luxury studio apartments are trending. Because its cost?

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Manhattan luxury studio apartments have always been in the eye of those who appreciate what´s good. Studios are mostly chosen because they have style and at the same time can be more affordable than a one bedroom apartment.

Usually they are spacious and offer everything you need, if you live by yourself.  Turning a studio aparment into the perfect residence.

But what is happening with rents in Manhattan? The Big Apple has always been known for being one of the most glamorous and cool cities in the world, but living in this city is not at all affordable.  Lately something has happened, and even if it hasn´t been a dramatic drop, rent has lowered in price compared to last year.

This slight turn has not only been seen in Manhattan, but also in another top neighborhood like Brooklyn.

An example of this is that the average rent went from $4,058 to $4,033 during the twelve month period, but Citi Habitats reports rent has decreased from $3507 to $3496 during the same period.

According to Gary Malin, Citi Habitats’ President, this could represent a change for the months to come.

At the same time landlords are handing out more concessions.  For example, a free months rent and no broker fees, so if you are willing to rent a no fee luxury apartment in Manhattan this is your chance.

City Habitats has confirmed that last month Washington Heights had the lowest median rent with $2250, while Soho (TriBeCa) had the highest with $5995.

The same happened in Brooklyn where rent has decreased. The average rent was $3219 declining 1.5% from last year.

Despite this slight change, some people are still willing to buy luxury residences and spend millions, if necessary, on Manhattan condos.

In August, the top selling condo reached the price of 31.6 million for a three bedroom unit located at the 432 Park Ave Skyscraper.

Fortunately, for tenants and not so much for landlords, there has been a decrease in rentals.  So even if the difference is not so noticeable, and you wish to rent an apartment in Manhattan, this is your opportunity. So start searching for your next residence and make every penny count!

 

 

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