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New York ranks 3rd worst city for renters; what’s your take?

STATEN ISLAND, N.Y. — Some people might say you don’t need a study to tell you that rent prices across New York City are rising. In fact, many New Yorkers are finding it hard to find an affordable apartment.

A new study by Wallethub, confirms this. New York is the third worst city for renters, according to the study.

“New York is the third worst city for renters due to mainly its scarce rental affordability,” said Wallethub analyst Jill Gonzalez.

“In terms of rental affordability, it ranked 139th, with a fairly low median household income at $52,737 per year and a high rental cost for a two-bedroom apartment at $1,571 per month. Also, the rental vacancy rate is low, at almost 4 percent, ranking 137th. There are just not enough available units to go around. New York has the 6th highest cost of living in the country, so it’s understandable why residents there have a hard time renting,” she added.

STUDY FINDINGS

With family moving season historically peaking in July, the share of U.S. renter households increased in 2015 to more than 36 percent — the highest since the 1960s, according to Wallethub.

To help prospective renters get the most bang for their buck, WalletHub’s analysts compared the 150 largest cities based on their rental attractiveness and quality of life. In making such a comparison, Wallethub examined each city across 15 key metrics, ranging from historical rental-price changes and cost of living, to jobs availability.

The study findings were as follows:

Renting a Home in New York City (1=Best; 75=Avg.)

  • 139th – Rental Affordability
  • 137th – Rental Vacancy Rate
  • 145th – Cost of Living
  • 114th – Number of Paid-Relocation Jobs per Labor-Force Participants
  • 34th – Safety
  • 71st – Renter Households Spending at Least 50% of Income on Housing
  • 117th – City Satisfaction Ranking
  • 114th – Historical Rental-Price Changes
  • 90th – WalletHub “Jobs Availability” Ranking

STATEN ISLAND RENTS

Despite some encouraging employment trends, Staten Island’s largely middle class population continues to struggle in an economy where rents are rising while salaries are, at best, sluggish.

Realtors admit that rents on Staten Island appear to be rising at a higher rate than the city average, due to lack of rentals for the many residents who need apartments.

While the median asking monthly rent on Staten Island is estimated to be $1,817 by StreetEasy — less than the citywide average of $2,690 — it’s not cheap, especially for low and middle wage earners. In fact, StreetEasy estimates that borough residents need to spend more than 30 percent of their income on rent.

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Finding The Best Kew Garden,

NYC Apartment Rentals Kew Gardens is a beautiful place to live with plenty of gorgeous scenery. The spotlight of the Queens neighborhood is the botanical gardens nestled between the many apartment buildings. This upper middle class area values family life and provides a very tranquil environment for new families. People looking to find the best Kew Garden, NYC apartment won’t be disappointed by the amount of choices they have. While there are some small homes attached to the buildings, most of the area consists of large apartments. The historic buildings are between four and ten stories high, which make them easier for families with small children. Apartments in Kew Gardens focus on creating a convenient, yet comfortable living space. Apartments for rent feature several outstanding amenities, such as fitness rooms, pools, and private balconies. The interior of the apartment also has many possible amenities that can help make life easier. Newly remodeled kitchens with open floor plans can offer residents a convenient place to live and entertain. Full bathrooms with hot tubs can also be found in the area. Extra-large windows with perfect cityscape views can help you create your own slice of urban paradise. Each apartment for rent varies, and they all have a lot of potential. Sizes of the apartment can also vary in Kew Gardens. Because the area caters to apartment renters, it is easy to find an apartment with just the right amount of space for you and your family. Small and large studio apartments can make it easy to live the single life. Giant apartments with three or four bedrooms and multiple bathrooms are also available. If you are looking for a bigger floor plan, some apartment complexes even have space for townhomes. No matter what the size of the apartment is or the amenities it has, you will notice that your apartment has a green theme. Kew Gardens is dedicated to maintaining the historical area and keeping true to its original values. That’s why many apartment complexes and homes for rent in Kew Gardens try their best to use eco-friendly technology and maintain beautiful, healthy gardens. When you are ready to start searching for your ideal Kew Garden, NYC apartment try contacting a dedicated realtor or browsing listings online. Most real estate companies in Kew Gardens will be happy to help you find the best apartment for rent that fits your needs. Use their expertise to your advantage and find an apartment that you and your family can be happy in

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Brooklyn Real Estate to Manhattan: ‘What’s Good?’

<a href=”http://queensapartmentrents.com/wp-content/uploads/2015/10/10-dumbo-brooklyn.w529.h352.jpg”><img class=”alignnone size-full wp-image-592″ src=”http://queensapartmentrents.com/wp-content/uploads/2015/10/10-dumbo-brooklyn.w529.h352.jpg” alt=”10-dumbo-brooklyn.w529.h352″ /></a>

Dumbo. <cite> Photo: dumbonyc/Flickr </cite>

For as long as there have been rivalries, Manhattan has often been presented as the place where people would rather live, and the other boroughs honorable mentions that will do nearly as nicely. That dynamic is shifting. After a spate of new real estate market reports, Brooklyn can now definitively say: “What’s good, Manhattan?”

According to the Douglas Elliman survey, it’s been a record-breaking last three months <a href=”https://www.elliman.com/reports-and-guides/reports/new-york-city/3q-2015-brooklyn-sales/3-636″ target=”_blank” data-track=”Body Text Link: External”>for Brooklyn</a> and, to a lesser but still significant extent, <a href=”https://www.elliman.com/reports-and-guides/reports/new-york-city/3q-2015-queens-sales/4-637″ target=”_blank” data-track=”Body Text Link: External”>Queens real estate</a>. The median price of a Brooklyn apartment is now at an all-time high of $676,250 — up 15.1 percent from the year before. Though Manhattan <a href=”http://nymag.com/daily/intelligencer/2015/10/buyers-are-getting-priced-out-of-manhattan.html” target=”_blank” data-track=”Body Text Link: Internal: dailyintel”>did tremendous business</a> in the third quarter, and Queens did, too — the median in Queens is $450,865, a 14.1 percent jump from the same period in 2014 — Brooklyn is the only borough to best price records set in the heady pre–Lehman Brothers days. “There is no better way to speak to how Brooklyn has changed since the financial crisis,” says appraiser Jonathan Miller, who compiled the Elliman report. “To have the median price grow that much, and no one else grow that much speaks to the change in Brooklyn. It’s essentially a restructuring. [Brooklyn] is a destination.” Miller, who was in Shanghai last month to give a speech, gives this anecdotal, though perhaps telling, evidence: When he and his wife were touring the city, they were struck by how many people they saw wearing Brooklyn T-shirts. “I didn’t see anyone in Manhattan T-shirts,” he adds. “It’s not like anyone’s priced out of Soho and they go to live in Dumbo, it’s that they want to live in Dumbo.”

The outer boroughs also laid to waste any hint of seasonality in the real estate market; though summer is typically a slow season, it appears buyers didn’t get the memo. The number of sales in Brooklyn rose 14 percent to 2,368; Queens by 64.6 percent — yes, you read that right — to 3,642. “It was frenetic this summer,” says Corcoran’s Frank Percesepe, regional director of the brokerage’s Brooklyn offices. “I swear I had to call my agents back from the beach.” According to the <a href=”http://media.corcoran.com/pdf/reports/2015_Q3/Brooklyn_Q32015.pdf” target=”_blank” data-track=”Body Text Link: External”>Corcoran report</a>, 736 contracts were signed in the third quarter, up 9 percent from 2014 and signaling, perhaps, that the next quarter’s market survey will likely prove as strong as this recent one. (Deals usually close within a few months.) And it took less time for properties to sell, too: 54 days versus 63.

In contrast to Manhattan, where larger apartments saw prices give a little, co-ops and condos with three bedrooms or more in Brooklyn jumped 25 percent from last year’s median of $1.28 million to $1.6 million, <a href=”http://media.corcoran.com/pdf/reports/2015_Q3/Manhattan_Q32015.pdf” target=”_blank” data-track=”Body Text Link: External”>per Corcoran</a>. One-to-four-family townhouses — with which Brooklyn buyers are often besotted — saw median prices rise from $675,000 to $760,000, <a href=”http://media.halstead.com/pdf/Halstead_Brooklyn_QuarterlyReport_3Q15.pdf” target=”_blank” data-track=”Body Text Link: External”>according to Halstead Property</a>.

Low inventory continues to be the driver, as is high demand, says Sarah Burke, Elliman’s regional managing director for Brooklyn. “I don’t know how else to say this, there’s not enough housing.” (Burke recommends that buyers looking for deals that will likely appreciate in the future “go two or three stops [on the subway line] past where you think prime was, and stay within a five-block radius of the subway.)

And so the spillover to Queens, where prices in “all neighborhoods rose sharply,” says Miller, especially in neighborhoods like Long Island City, Sunnyside, Astoria, and Woodside. Buyers who can’t afford in prime areas are expanding their options sharply, trying to divine where the heat is headed next. “People want to be part of something developing,” adds Burke.

Even the suburbs are seeing new waves of buyers; sales in Westchester county are up 5.5 percent from 2014. And properties aren’t exactly cheap, though they’re more affordable than Manhattan and Brooklyn, anyway: The median price for a single-family is $529,000. “We’re looking at the future. Credit isn’t going to ease anytime soon. The NYC economy is probably not going to cool off in short term. It’s robust. Brooklyn isn’t going to lose its identity anytime soon. Inventory isn’t going to suddenly flood the market,” says Miller. “[So] what changes? Buyers and buyer confidence. It’s creating this reassessment of where we want to live.”

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Manhattan real estate hits new price record

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The price of a square foot of real estate in Manhattan hit a record in the third quarter — rising to $1,497, according to a new report.

The third-quarter Manhattan real-estate report from Douglas Elliman showed the real estate market was surprisingly strong given global economic weakness and volatility in the stock market. Inventory is tightening, prices are rising and apartments are selling faster and with frequent bidding wars. Despite some claims that real estate — especially at the high end — is reaching bubble proportions, there are few signs of a slowdown, at least for now.

<img src=”http://queensapartmentrents.com/wp-content/uploads/2015/10/THECHARLESIMAGE.png” alt=”CHARLES” />

<em> Penthouse at The Charles sold for $38 million, making it the most expensive apartment sold in Manhattan during the third quarter. </em>

“Everything is selling fast, I don’t see how there could be a bubble,” Howard Lorber, chairman of Douglas Elliman, told CNBC. “I think to some degree real estate follows the stock market, but people buy real estate to live in also, not just to invest in.”

According to the report, the average sale price of a Manhattan apartment rose 3 percent year over year to $1,737,565. The number of sales jumped 10 percent from last year and 37 percent over the second quarter.

The average price for square foot increased 18 percent for the year and 11 percent for the quarter, driven largely by new condo developments that are pushing up prices. Almost all the new developments are getting more than $3,000 a square foot, Lorber said.

Despite a Manhattan skyline filled with cranes and construction sites, sales inventory overall in Manhattan remains low and is actually declining. Listing inventory fell 3 percent over last year and declined 1 percent in the quarter to 5,654 units for sale.

With so few units up for sale, bidding wars are becoming more commonplace. More than half of all sales were at or above the list price in the second quarter — a seven-year record. And apartments sold within an average of 73 days after being listed — the fastest ever.

“The speed of this market is what stands out to me,” said Jonathan Miller, of Miller Samuel Real Estate Appraisers, which compiles the Elliman report.

Lorber added that the strong job market in New York and Wall Street is driving most sales. But he said overseas buyers remain strong. The turmoil in the Chinese stock market and economy, he said, has driven more wealthy Chinese to move money into New York real estate.

“When the Chinese stock market went down, when their real estate market went down, that didn’t stop them from buying here,” Lorber said. “It actually made them more interested in getting their money out of there and buying in New York City.”

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