Moving to Manhattan to find a cheap apartment?
That may be against every New Yorkers’ common sense — but real estate experts say it’s happening.
As apartments are snapped up in up-and-coming neighborhoods like Long Island City and Williamsburg, pads are becoming scarce – and rents are going up.
Adding to the increasing rent prices are outer-borough, brand-new developments featuring amenities like gyms and doormen – that then jack up the rent to mirror the perks.
Meanwhile, real estate experts say some New Yorkers can find cheaper rents in Manhattan neighborhoods like Alphabet City and the Upper East Side.
According to a June Brooklyn rental report from real estate firm MNS, the average rent for a studio in Williambsurg was $2,700 – which a spokeswoman noted is $200 more than a non-doorman studio in Greenwich Village.
Real estate agents told Metro that some clients angling for affordability actually choose the city.
New Yorkers often consider the outer boroughs the place to look but find that they can secure a cheaper deal with a quicker commute back in Manhattan.
Where might Manhattan be cheaper?
Brokers told Metro that many clients seeking cheap rents may start off in Brooklyn, but realize they can actually find something more affordable in Manhattan. “They go out there and realize that the price points are so high that they’re equivalent or higher than Manhattan,” said Mark Menendez, executive vice president at Prudential Dougas Elliman. He suggested looking for deals in the Upper East Side, where larger buildings scattered around the neighborhood mean more units. “Just by sheer numbers, you’d probably have a better chance of finding something,” he said.
Categories: Magazine · Newspaper · Rental Market Report