The US economy its known for its boom and bust cycles, but the bursting of the real estate bubble in 2008 was one of the more spectacular busts in history. At the time, there were many naysayers who expressed doubt that the US economy could ever recover and bounce back. Time is beginning to prove those naysayers wrong, however, as the economy in general, and the NYC apartments for rent market in particular, are showing clear signs of a major recovery.
Rents on the Rise
In the past year the real estate market in New York has made a major comeback, with rental prices beginning to soar. in just the past year, rents here, according to a story in www.luxurydaily.com, have gone up an amazing 10.9 percent. By comparison, rents in Brooklyn have increased 1.5 percent. Now the median price for a one bedroom rental unit in New York is $3,339.00. All this adds up to a heated market, which is why now many renters are looking into areas outside Manhattan and in the areas north of 110th Street to find more affordable properties.
With all this activity, and given the complexity of the city and its boroughs, it’s no wonder many people interested in luxury properties are seeking the help of skilled professionals. TOWN Residential is one firm that has made a name for itself (since its launch in 2010) by offering personalized service to its clientele.
TOWN has a roster of skilled real estate professionals who pride themselves on their knowledge of the luxury market in New York. It’s this expertise that allows them to bring their clients the selection they are looking for in quality housing that is priced just right.
With so much change taking place in the market, it’s a wise choice to seek help from experts who truly know this complicated yet very enticing city.