Scorecard: There are more exclusive rentals over $15K than under $2K

A roundup of news and data on the residential and commercial markets

TRD NEW YORK /
Nov.November 05, 2015 04:40 PM

From the November issue: When headlines center on chateaus-in- the-sky luxury real estate, the lower-end rental market often falls out of focus. The Real Deal analyzed On-Line Residential exclusive listings data as of Oct. 8 and found that there were fewer rental listings priced under $2,000 in Manhattan than there were in the extra-expensive $15,000-a-month-and-up bracket. But that lower bracket isn’t completely endangered, said Keller Williams NYC salesperson David Berman. “I think you’re always going to see some of that kind of stock available,” said Berman, citing rent stabilization as a key factor in that sector keeping its piece of the pie.

Furthermore, an analysis of Street Easy data revealed that the Upper East Side had the highest inventory of rental apartments of any type for $2,000 a month or under. “The Upper East Side offers more value because it has more turnover,” said Kevin Daly, an agent at Prince Real Estate. The neighborhood best known as the fortress of the wealthy also holds a relatively large number of comparatively affordable apartments, usually occupied by young people who stay fewer than three years, Daly said. You’ll still have to hunt for these units: An MNS report found that studios there had an average rent of $2,748 in buildings with doormen and $2,150 in buildings without.

 

Related Articles

arrow_forward_ios
(Image by Wolfgang & Hite via Dezeen)

Hudson Yards megadevelopment inspires a new line of sex toys

Cammeby's International Group founder Rubin Schron and, from top: 194-05 67th Avenue, 189-15 73rd Avenue and 64-05 186th Lane (Credit: Google Maps)

Ruby Schron lands $500M refi for sprawling Queens apartment portfolio

Wendy Silverstein (Credit: Getty Images)

Wendy Silverstein, co-head of WeWork’s real-estate fund, is out

From left: 55 East 74th Street, 9 East 82nd Street, 1 Central Park South, 78 Irving Place with Adam Neumann and 111 West 57th Street (Credit: StreetEasy, Wikipedia, Getty Images)

Adam Neumann’s triplex, Russians’ Plaza pad were priciest homes listed last week

Compass' Rory Golod and Long Island’s North Shore (Credit: Long Island)

Compass sets sights on Long Island’s North Shore

2790 West 5th Street in Coney Island (Credit: Google Maps)

Brooklyn man arrested for claiming to help victims buy Mitchell-Lama apartments

355 Henry Street

Cobble Hill townhouse was Brooklyn’s priciest contract last week

Clockwise from the top left: Bellagio Las Vegas, Blackstone's Jon Gray, Embassy Office Parks in Bangalore, Blackstone's Ken Caplan, Stuyvesant Town, and  Blackstone's Kathleen McCarthy (Credit: Blackstone, Embassy Office Parks, Wikipedia)

How Blackstone became the world’s biggest landlord

arrow_forward_ios
Loading...