New York is not a city known for low rental and housing prices, however there has been a recent spike in the real estate market over the past year. After the housing bubble burst in 2008 the housing market plummeted in the country. A few years later the market managed to bounce back city by city. According to data in from StreetEasy found in an article in ‘Luxury Daily’, the Manhattan area has seen the most exponential growth, raising 9.5 percent year over year in the third quarter. In all areas there is a vast difference price wise between regular homes and luxury homes, however one out of five houses within the Manhattan area are considered to be luxury because of the recent price spikes.
Not only is it homes on the rise, rentals around the are are going up as well. The median rent raised 10.7 percent in the last year, evening out at a $3,339 for one bedroom apartments. The high rent and overcrowding has turned some people have begun seeking homes above 110th Street in Manhattan or even further away to southern and Eastern Brooklyn. For people looking to purchase rather than rent, the resale median tables around $982,958 for a luxury home.
If luxury in New York City is what you’re looking for then Town Residential is the real estate company that can help you find your perfect apartment. Town Residential was founded in 2010 and has become NYC apartments for rent. Not only does Town Residential help with the sale, purchasing and renting of luxury homes and apartments, they are also involved in the marketing, leasing and sales of property developments around New York. Their team is stacked with experienced professionals who know the ins and outs of New York and where to find the best, most luxurious apartments and homes to match your needs.
Town Residential was named a Best Firm to Work For and named as one of the Top 50 Best Places to Work in New York City. Their integrity, hard work and wonderful leadership keeps them as one of the top luxury real estate firms in New York. Finding a place to live can be a daunting task so let Town Residential take the burden from your shoulders and help you find the perfect luxurious home in the great city of New York.