2016-02-05 — nytimes.com
A slew of high-end, high-profile rental buildings are poised to open across Manhattan and Brooklyn this year, adding more than 8,000 units at a pace not seen in years, and in the process, redefining what rental housing in the city can be... Prices, too, are lofty, with studios in some of the buildings renting for about $5,000 a month.
While any softness in the rental market -- new leasing activity has slowed in recent months, and vacancies are up -- could spell challenges going forward, most developers say they are undeterred.
"We have apartments with a lot of character to them," said Jonathan Drescher, a Durst senior vice president. And those apartments seem tailored to younger, unattached renters, as 85 percent are studios, starting at $2,770 a month, or one-bedrooms, starting at $3,880. In contrast, the median price of a studio in Manhattan in December was $2,562 a month, while that of a one-bedroom was $3,375, according to a market report from Douglas Elliman Real Estate.
... Traditionally, in New York, the dividing line between a robust and not-so-great market is a 2 percent vacancy rate. Since June of last year, the rate has been higher, with November's at 2.87 percent, the highest in nine years, Mr. Miller said. In December, the rate was 2.74 percent.
Meanwhile, the young homeless are multiplying and underserved...
Suggestion: fake your documents and bounce from luxury rental to luxury rental on a 2-months-free deals...
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