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Why You Should Rent a Luxury Apartment in NYC Right Now

As the world enters a new type of society and way of life, many markets, jobs and regular activities that New Yorkers would generally be enjoying this summer have been put to a halt. The coronavirus pandemic and the social lockdowns have had a widespread effect throughout the world and the United States, including New York City. Read on to find out why we think that now is the best time for renters to be renting luxury no fee apartments in NYC and why the current rental rates and concessions are some of the best we’ve seen in years!

The latest information regarding luxury rental apartments and the rental rates in NYC [Updated August 2020]

The shifting trends in the luxury rental real estate market have put many people in fear of what’s going to happen next with the American economy, as well as the state of New York City’s real estate. However, we see a silver lining in all the negativity that has happened thus far. At the moment, although much of the United States is on lockdown, there are still some truly incredible and time sensitive deals to be had in the midst of the current social events happening.

Don’t believe us? Have a look for yourself at the following shift in some of New York City’s most popular luxury rental apartments. We’ll give you a quick insight of the price changes over the last couple of months for studios, one bedroom and two bedroom apartments (if you don’t feel like reading, we’ve posted an easy infographic halfway down this page!) :

Luxury Apartments for Rent in NYC Prices June 2020:

  • 19 Dutch:
    Studio approximately cost $ 3,490
  • MiMA:
    Studio approximately cost $ 3,750
  • Tribeca House:
    Studio approximately cost $ 3,850
  • The Saranac:
    Studio approximately cost $ 3,250
  • Independence Plaza North:
    Studio approximately cost $ 3,195

Luxury Apartments Rent Prices July 2020:

  • 19 Dutch:
    Studio approximately cost $ 2,848
  • MiMA:
    Studio approximately cost $ 3,750
  • Tribeca House:
    Studio approximately cost $ 3,429
  • The Saranac:
    Studio approximately cost $ 3,150
  • Independence Plaza North:
    Studio approximately cost $ 2,750

Luxury New York Apartments Rent Prices in August 2020:

  • 19 Dutch:
    Studio approximately cost $ 2,800
  • MiMA:
    Studio approximately cost $ 3,500
  • Tribeca House:
    Studio approximately cost $ 3,200
  • The Saranac:
    Studio approximately cost $ 3,095
  • Independence Plaza North:
    Studio approximately cost $ 2,450

 

prices of luxury rental apartments in nyc during covid19

 

Once analyzed, it becomes easy to see that there is a trend of price deflation in the luxury real estate market of NYC during the COVID-19 Pandemic. This is great news for renters as a portion of previous renters and owners in New York have changed states or moved elsewhere, the market finally opens up to great opportunities and deals to be had.

The Statistics of NYC Real Estate Right Now

Statistically, there appears to be an approximate decrease of roughly 6-8% on monthly rents of luxury apartments since Mid-May and this decrease has continued as such so far (writing this article in August 2020). As many of you know, the social, economic and political landscape of New York are renown for their elusive nature and unpredictability, and as such it is hard to predict for exactly how long these great deals will last. We’d recommend you contact us and have a look through our research of current best deals so you get to enjoy the silver lining in the current situation of the market.

When compared to last year’s 2019 statistics, the current vacancy rates of apartments in NYC are roughly 3.7%. That’s almost double of where they were last year in June 2019; where the vacancy rates of apartments in New York City were about 1.6% .

What does these stats really mean? We think there is a multitude of ways in which you can interpret this data, but one way which is indisputably in your benefit which is the fact that this data shows now is a great time to be renting luxury apartments, especially no-fee apartments since the monthly rental prices are going lower and there’s no saying when they’ll come back up.

Additionally, the fact that monthly prices are at their lowest is not the only reason why you should be seriously considering moving into one of many luxury no fee apartments in NYC. Now is an unprecedented time in renter concessions. What does that mean? Have a quick read below:

Why Now rather than Later

Every New Yorker has dreamt of snatching a luxury no fee apartment in NYC for cheaper than what they usually go for, or on a great discounted rate due to concessions. We’ve all hoped to snag a free month here and there, or a free amenity package and what’s not to love with those deals, everyone ends up happy!

Did you know that during this downward trends in the luxury real estate market, the concessions are actually at their highest? That’s right! Landlords are looking for plenty of innovative and renter-friendly ways to keep inventory moving and apartments rented, so now is the absolute best time to get an extra month on certain luxury apartments for rent, or free amenities!

Most of us are used to seeing one free month with luxury apartments, but are you aware that some buildings in NYC are currently offering two and even THREE months concessions on leases that begin during August 2020? If you’re as shocked as we are and as excited to snag these great deals, why don’t you send us an email or fill out the form on our Homepage and we’ll make sure you get the absolute best deals NYC has to offer!