To learn more about the housing market in NYC, we managed to get in touch with Kirsten Jordan, real estate advisor with Douglas Elliman and founder of the Kirsten Jordan Team. She told Bored Panda that the situation could be described in two words: high demand. "Apartments are selling and renting faster than ever before because there aren’t enough of them and because everyone wants to be back in New York," she said.
We also reached out to Adrian Savino, director of leasing at Living New York, who pointed out that "inventory is lower than it has been in past years as COVID-19 rents and deals were picked off by renters. Supply chains/labor markets were disrupted so delivery of the new product was delayed. Because of that, prices are being driven up."
Due to the rising rent, people often have to opt for low-quality apartments. "Most renters are confined by certain parameters, whether it's compromising on space for price and location or quality of building and amenities," Savino explained that most individuals have to make a sacrifice in some way.
"The popularity of the City and high demand for housing, coupled with the fact that Manhattan is an island and has a limited amount of inventory, leads to a higher price per square foot than many other cities," Brian P. Hourigan, managing director at Bond New York, told us. "Even during the last few years, when COVID-19 initially caused many to leave the City for more affordable and less populated places, a surge of returning and new New Yorkers has caused the market to [become] as strong as what it was pre-pandemic."
New York is notorious for its tiny flats. "Your average city apartment is obviously going to be smaller than your average single-family home," Jordan said. "That’s just the nature of city-living anywhere in the world. You trade square-footage for the ease and excitement of living in the center of everything – with the best restaurants, shopping, museums, parks, theaters, and entertainment all right outside your front door."
An average NYC apartment has 733 square feet compared to the national average of 882 square feet, Savino added. However, while many people believe that The Big Apple has far smaller apartments than in the rest of the US, Seattle rentals (with an average size of 711 square feet) offer less space than a regular Manhattan unit.
Hourigan added that the limited amount of living space in the City makes the apartments more efficiently designed. "Open kitchens become part of the main living space, bathrooms sometimes have showers instead of bathtubs, and rooms like walk-in closets and formal dining rooms are less prevalent," he said.
"However, a commonality among many New Yorkers is that they love to live the majority of their lives out in the City itself." They go shopping, try out new restaurants, head downtown for the nightlife: "People don't generally move to New York City to stay at home, so the best way to think about your apartment is that it's your bedroom, and your living room is the rest of the City, which is right outside your door!"
Yet, many who just moved into NYC or are on the hunt for a new place to live often feel intimidated and discouraged by the process of finding a new place. Hourigan said that if you want to be prepared to rent in the City, you need to do your homework ahead of time. "Set a realistic budget for yourself, then explore what each neighborhood has to offer for that budget before seeking out the assistance of a real estate professional."
He continued: "Landlords and management companies often have multiple applications for their best units, so you want your application to be the most attractive to ensure you'll be the applicant who's ultimately approved to lease the apartment."
Adrian Savino noted that people should come prepared with paperwork and do their diligence digitally before visiting in person. "This will help you be decisive when you find something of interest and convert on the unit you end up choosing," he said. "Demand is high for low supply."
When asked about predictions for the future, Brian P. Hourigan thinks that the rental market will continue to be strong. "Folks who are new to the City might consider exploring more affordable areas like Upper Manhattan or further East in Queens or Brooklyn, where there's often more space and value for their budget," he suggested.
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The public transit system in NYC is convenient and efficient. Hourigan believes it’s not as important to live in the same neighborhood where you work or want to spend recreational time. "Being open to a short commute to your destination on the subway or a bus can save money on your home, provide more space, and offer a better overall quality of life," he told us.
"Some people said New York was dead. And those people were dead wrong," Kirsten Jordan added. Employees are returning to their offices, students are coming back to the campuses, and venues are going strong with many different events and shows. So if you’re one of those people who's looking for a rental in NYC right now, Jordan suggested to be "flexible about your must-haves and if you find a place you love, don’t hesitate because someone else will take it."