Apartment Prices in Manhattan Reach All Time High

Luxury city apartments

It’s common knowledge that New York City is an expensive place to live. In fact, the Big Apple’s borough of Brooklyn — once considered an affordable haven from Manhattan’s steep home ownership rates — was recently dubbed the most expensive place to own a home in the entire U.S., beating out pricey metropolitan areas such as San Francisco and Washington D.C.

Now, the City that Never Sleeps is taking the most-expensive-place-to-live-cake once again. The average rental rate for Manhattan’s lofts and apartments hit a record-breaking figure in 2014 coming in at $1.72 million, which gives the term “high rise” a whole new literal meaning.

So, exactly why are Manhattan’s lofts and apartments so expensive? New York’s wealthiest residents including investors, celebrities, and entertainers, in addition to wealthy foreigners are continuing to seek refuge in New York’s sky-high luxury apartment rentals.

While the sales volume of luxury city apartments is slowing down, the prices of these rentals continues to rise as their demand increases. According to a report from Douglas Elliman and Miller Samuel Real Estate Appraisers, the median sale prince for 2014 crushed 2008’s previous record of $1.591 million. Ouch.

Despite being notoriously unaffordable, it’s still possible to rent a loft for a budget-friendly rate in New York. In order to find lofts for rent that are affordable, consider shacking up with a roommate or multiple roommates. Or, if you feel that you need your own space, turn to the internet and social media in order to find affordable lofts and apartments.

Aside from Craigslist, there are several ways to hunt for reasonably priced apartments. Social media has been instrumental in both the real estate and rental industries, allowing agents to communicate with renters and buyers by instantly uploading photos and viewing information. By closely following these posts, users can jump on the opportunity to find, and hopefully rent, an affordable space.

Of course, good ol’ fashioned word of mouth doesn’t hurt either. You have friends who have friends who know someone — you know how it goes — who can ultimately help find you a space that fits within your budget.

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