If you are on the hunt for an apartment to rent in New York City, you are not alone. Thousands of New Yorkers and would-be New Yorkers are turning to renting a place to live rather than jumping into the housing market.
Number of people renting or leasing continues to grow
For a time it may have seemed that landlords would do anything to fill the empty apartments in their buildings. Those days are over. New York City has found itself in the middle of a rental boom. More and more people are renting apartments these days, and prices for rent are continuing to rebound from the recession. Reasons for this lift in the rental market range from the migration from rural to urban areas to people preferring to live in apartments and the freedom it provides to households putting off buying a new home.
Not always their choice
Even as the economy slowly gets better, many people are still unable to start or restart saving to buy a home. This means they must put off their dreams of owning some real estate in Manhattan or the surrounding regions for a few years. And even those that have reached their savings goals for a down payment, are having trouble transitioning to home ownership.
Banks and other lenders have really tightened up their vaults. This means they are not approving some mortgage applicants that may have been approved in the past. So what people thought they could afford, and what they thought they needed to save, has changed in a meaningful way. This has left a sort of bubble of city residents who, in any other economy, would have been property owners by now but instead continue to rent apartments, condos and other properties.
Could last a while
The market for NYC apartments and rentals could remain competitive for a year or two or even longer. NYC will always be a destination for people from all walks of life, so they influx of residents will always be there. The economy may be on the right track, but it is moving slowly, so home ownership may be delayed for more and more households. And quite frankly, some apartments are terrific places to live, so there's no need to look into buying real estate.
If you're interested in finding a great apartment to rent in Manhattan, area real estate professionals like those at CitySites New York are a great resource. They will talk with you about your wants and needs in a new place, and then show you some great rentals that include the features you are looking for while being in your price range. Send us a note or call us at (212) 588-9490 and let us know how we can help you move into a great new apartment.