Apt A Go Go

NY Rents on Rise as Hot Summer Season Approaches

Rental rates tend to increase in the warm summer months in Manhattan and this year is no exception. If you are currently renting an apartment and are thinking about moving this summer, plan accordingly according to agents and brokers.

“What happens is inventory is lower and landlords are not as flexible in rents and in some cases decide to raise rents. For instance, a one bedroom in the Upper East side doorman building would have been $2200 in March now for the same unit is renting for $2500 minimum….” - Cindy Chao, a NY real estate director of brokerage.

What this means is that you need not only move quickly but start early, be more flexible with your move dates, and give your current landlord a heads up. A month to month rental lease is ideal. In most cases since it is a hot season, landlords will let you break leases without penalty with considerable notice in advance.

Harlem Real Estate is a great option

Another tip is be more flexible with your options. For example Harlem has become a great option. Demographics have changed over the years - take a walk on Lenox ave north of 110th street and you’ll see. You can still get a lot more space for your money. An added benefit are the express trains that run from 125th street make commuting a no brainer.

Christoper, a graphic designer used to live in a 700 sq ft one bedroom in Hell’s Kitchen and paid $2800 a month. He recently found a renovated brownstone duplex with a private garden, brand new appliances, marble countertops and a wood burning fireplace. It’s 1800 sq ft in size and rents for the same price. He built a private gym, deck on his garden and a private office space.

“You know I work from home a lot and it’s really important to have a great environment and a quality of life. With the added space, I’ve gotten so much more done in my office. I’m looking to buy my own brownstone in the next few years. It’s a great bargain and I love the neighborhood. I can actually have a social life up here and many of my friends are looking to move up here as well. It only takes me 20 minutes to get to midtown with the express D train.” says Christoper.

DUMBO Brooklyn

Touted as the next SOHO, DUMBO provides the convenience of proximity to downtown (via subway, brooklyn bridge and water taxis) with the stylish art studio scene. As more and more restaurants and boutiques pop up, it’s becoming a definitive hip place to live. It remains less commercial than SOHO and has more of a urban and artistic flair with its galleries, cobblestone streets and jaw dropping views of downtown Manhattan.

Look for newly built condos such as the Nexus on Front Street which are due to occupy in the next month - many of the owners double as investors and will be looking to rent out their newly built luxury condos. For the amount of square footage and the amenities you get, it’s a better deal than Manhattan. For example you can get a 2 bedroom 2 bath with stainless steel appliances, marble tile bathrooms and a private patio in a full time doorman building for around $4000. This is unheard of in SOHO, Union Square, Tribeca or comparable desirable neighborhoods.

Explore new neighborhoods and you’ll be surprised what you find. Remember what the Lower East Side used to be like 3 years ago or Sty-town, Chinatown/Nolita? Ask us today for more info on DUMBO Brooklyn and Harlem rentals and sales.