If you’ve ever dreamed of living in the Big Apple, that dream could potentially become a reality. Thanks to steep rental discounts and heavy incentives, New York City apartments are being offered for prices that haven’t been seen in years. Read on to discover new possibilities that could make it possible for you to live in a cheap apartment in New York City.
Why the discounts?
The discounts go hand in hand with the tanking economy. In response to and as an effort to combat the economic crisis, New York City apartment managers are scrambling to fill vacant spots in trendy buildings. Whereas once it was difficult even to find a vacant New York City apartment at a good price, now those deals abound.
These new and lower prices make the concept of New York living at an affordable rate much more feasible than previously. Even in areas like Manhattan’s financial district, apartments have never been so steeply discounted.
Examples of some of the hottest options
Here’s just a sampling of some of the deals to be found for apartment living in New York City:
- An 800 square foot one bedroom apartment with a modern kitchen, modern bathroom and lots of closet space is now being offered for $1500, down from $2,000
- A one bedroom on the 50th floor of a posh apartment building with views of the East River, and amenities like an ornate apartment lobby, fitness center, and lounge went from $3,500 to the current price of $2,500
- A convertible two bedroom with an open kitchen and a washer and dryer hookup in a building that includes a 30,000 square foot gym is now $3,000 per month, down from$3,600
- A two bedroom, two bath, 1200 square foot unit with a private theater and tenant lounge on the premises went from $4,300 to $3,300 thanks to all the incentives
Other examples of incentives being offered throughout the city include deals where the first three months of rent are free or where no broker’s commission is charged. Some apartments are even waiving the security deposit for qualified renters.
The deepest reductions in apartment rental prices are being seen in Forest Hills, Midtown East, Inwood, East Harlem, and Manhattan.
Bargains are everywhere
Overall, apartment rental prices have dropped approximately 30%. In an area where the rent has only been known to climb for the last several decades, this means huge bargains. Quite clear is the fact that New York City is now a renter’s market.
Almost better than the attractive incentives being offered is the fact that many apartment managers are now open to bargaining. Some findings show that renters are negotiating their monthly fees down by as much as 20 percent less than the original asking price.
Holding off on buying
Another reason so many great rental deals are scattered throughout the Big Apple is because fewer people are looking to purchase their own apartments. This leaves landlords scrambling to fill the empty spots in some way, so several have offered apartments up for rent that were previously up for sale.
Work the incentives to your advantage
Basically, the gloom on the economy has made it possible for people to live in NYC who previously could never have afforded it. And as far as great places to live go, this one tops the list. After all, it’s at the epicenter of a lot of what makes America great.
Given the many reasons to live in New York City, even for a short time, it’s to your advantage to soak up the incentives being offered. Consider this hypothetical: You want to achieve your dream of living in New York City while you’re still young enough to enjoy the clubs and nightlife and constant activity. You’ve got a roommate or second income source, so you already have a leg up in that respect.
Now think about how much better your rental situation will be if you find a deal like one set of roommates found, as mentioned in the New York Times: They negotiated the rent down by nearly $600 a month. They also got one month free, had the broker’s fee waived, and received a $2,000 signing bonus. When all was said and done, they were able to enjoy their new apartment for a full $1,000 off the asking price.
Jobs play a factor in a strong rental market
One thing to consider when you’re thinking about relocating to a big city with a strong rental market is the level of unemployment in the area. New jobs attract new city-dwellers who then pour their new money into the rental market.
In contrast, places where job losses are mounting are seeing much weaker trends when it comes to the rental market.
Seize the opportunity while it lasts
If New York City living is your dream, go for it. The economy will rebound and rental fees will go up – so take advantage of these deals while you can. After all, you only live once.
