The division on whether or not living in a luxury apartment is worth the higher rent cost has been a very popular question in New York City for as long as luxury buildings have been around. Find out whether or not living in a luxury apartment is worth it for you by reading our post and why there are some aspects of luxury apartments to consider before making your mind up!
Thanks to our amazing research team, we’ve managed to find an approximate rent median for the neighborhoods of Manhattan as well as neighborhoods in Brooklyn and Long Island City and as such, you can browse through our Neighborhood page to see whether the rental medians are worth investing your time towards apartment searching in those specific neighborhoods. Once you’ve familiarized yourself with the general median rents of New York City — which are notoriously high when compared to the national average cost of renting luxury apartments — you can begin to familiarize yourself with whether or not it is worth your time, effort and money to move into a luxury apartment.
When looking for a luxury apartment in New York City, it is also important to foresee potential expenses that might arise with renting, specifically renting luxury apartments, for example the renown Broker Fee. We’ve discussed the broker fees at length throughout our No-Fee page as well as other sections of our website and we’ve covered how you can avoid these added fees by working with no-fee brokers such as our company: Array Property Group. When looking for a luxury apartment in NYC, it can be of utmost help to work with a no-fee broker as you’ll be taken around the city and can truly focus on your apartment search rather than worrying how much your time with your broker will cost you.
Onto the important question of today: Is living in a luxury apartment in New York City worth it?
Our short answer? Absolutely.
Though the rent may be justifiably higher than a non-luxury apartment, you are immediately guaranteed certain services that may not be available in a non-luxury apartment; for example security, support, amenities and safety. Additionally, because the rent is significantly higher than other apartments, owners and tenants of luxury apartments are always given a minimum of benefits such as concierge service, in-house maintenance (if something in your apartment stops functioning or if there are required maintenance, you can contact your buildings management. The turn around for management to fix issues in your unit tends to be remarkably faster than if you did not live in a luxury apartment). Other services such as having a doorman pick up your packages when you’re not home can also be a handy benefit that may affect your living experience (especially since the entire package delivery system will be recorded, saved and available to you when most convenient). In short, these added services may seem unimportant at first but can tremendously affect your living experience in New York City. In a city where the stress is constant and the speed of life is renown to be fast paced, we believe it can be truly beneficial to live in a luxury apartment where the little things are taken care of for you, so you can avoid any additional stress from things apartment-related.
Let’s look at some more perks of living in a luxury apartment in NYC:
- Luxury Apartments are renown to have state-of-the-art interior design as well as high quality living quarters. The finishes of each apartment as well as the interior appliances are always to the top of industry standard and as such, make it a noticeable perk when choosing luxury apartments.
- Location and Efficiency: The majority of luxury apartments in Manhattan, Long Island City and Brooklyn are placed in walking distance to major subway lines, buses as well as being close to grocery stores and other utility stores one might need in their neighborhood. Living near a subway train stop with your desired train lines can be extremely useful if you are relocating to NYC or if you are looking to live within a short distance commute from your work.
- A feeling of being at Home: Although this may seem like an unconventional perk to have when living in a luxury apartment, we believe that wellness and well-being is of utmost importance especially in your apartment search. When living in a luxury apartment, you are almost immediately filled with a sense of positivity and community as you are greeted daily by your concierges and doormen. After having moved in, you’ll find that you begin friendships with your neighbors or doormen and will soon call your new apartment a real home.
- In-building Amenities: Many luxury apartments and buildings in New York City offer amenities within their buildings. Of the most popular amenities, we often see a shared-lounge for residents, an indoor gym, pet amenities and communal resident events. If you’re lucky, your building might even have a shared rooftop or a pool area! These amenities can often save you money long term as you can invite friends for dinners in the shared common areas, or save money on a gym membership by going to your buildings gym!
- Building Security: It’s often the case that many luxury apartment buildings will have a 24 hour doorman as well as security cameras in the lobby or entrances to the building. This added perk can sometimes help residents who are specifically seeking added security in their apartment rentals.
Now that we’ve analyzed some of the basic perks, and of course you may very well find many more added perks depending on what building you decide to move to; let’s look at some reasons why you may not find it worth it to move into a luxury apartment in New York.
- Looking for a short term rental: If you’re looking for something under 12 months lease-wise, then we personally think you might want to keep your options open as the higher cost affiliated with a luxury apartment might not be a smart economic choice if you’re looking to move in for a short term lease such as 6 months. An exception to this would be if you’re looking for short term furnished rentals, in which you may want to consider luxury apartments.
- The basic point we’d recommend you think of before considering whether or not you want to move into a luxury apartment in New York is how much you make a year. Remember that you’ll be asked to make a minimum of 40 times the monthly rent and if you are above this threshold and have a good budget with your finances, then of course a luxury apartment might not seem to crazy a financial option.
After having covered the basics of whether or not to move into a luxury apartment, it is time to round up all the info and conclude what we think. Although the rents in Manhattan and Brooklyn as well as Long Island City can sometimes seem crazily high when compared to the rest of the United States, it is safe to say that there is a general margin of value as well as reasonability in their pricing. Many luxury apartments on the market have some truly remarkable amenities that any tenant would make use of. Additionally, it is often the case that having the ability to have a washer and dryer in unit, or within the building, can also be a cost-saver as well as be time efficient! It is perks and amenities like this that make moving into a luxury apartment truly worth it. Have a car to navigate throughout New York but have been living with the hellish reality that parking is absolutely horrible in New York City? Again, a luxury apartment may come in handy if you can snag a unit that guarantees tenant parking as an amenity!