The economic meltdown of 2008 had a major impact on the general economy and real estate prices everywhere, but as the years pass by, it’s clear that the U.S. economy is finally recovering from those shaky times. One indicator of the direction the economy is heading in is in the pricing of real estate in New York. According to a recent story in www.luxurydaily.com, the price for rental properties in Manhattan is soaring, with no end in sight.
According to the story, the median price for a one-bedroom rental unit in Manhattan is now $3,339.00. This price comes after a 10.9 percent increase in prices in the last year. Brooklyn, which is becoming increasingly attractive to those looking for quality housing, by comparison had a median price increase of 1.5 percent.
More Luxury Housing in New York
Recent statistics state that 1 in 5 homes in New York and Brooklyn can now be considered luxury units. Both these areas are increasingly popular with renters who are local as well as international, and prices are expected to keep going up.
Getting Help From Real Estate Professionals
What’s clear is that renters looking for quality apartments in this luxury market need help from skillful and knowledgable professionals who are well versed in the realities of these cities. TOWN Real Estate’s NYC apartments for rent have made this one firm with a name for itself (since its launch in 2010) by offering a high level of service to clients who want to find a great property.
The realtors at TOWN know the market in Manhattan and the boroughs thoroughly, which is why they are able to offer clients a high degree of service. It’s that knowledge, along with personalized attention to client needs that really sets this firm apart.
What’s clear today is that as the real estate market continues to heat up in New York, only those who align themselves with knowledgeable professionals will be able to really find the great deals. Of course they’re out there, but it takes real skill to know where the hot properties are, and how they should be priced.