While liberal New Yorkers are concerned about the payback for Trump’s security costs of around $24 million, and the conservatives are eagerly awaiting Trump’s next Executive Order, we all watched together as the Federal Reserve jacked up the federal funds rate 25 basis points, to a range of 0.75% to 1%, marking its third increase since the Great Recession in 2008. This hike will eventually trickle down to increase borrowing costs for short-term loans and credit cards. It has also affected the real estate market. Less are able to purchase their own home so it’s become a renter’s market.
Because it’s currently a renter’s market less concessions are needed to entice new occupants to rent properties. Also, because it’s a renter’s market the rent amounts are still high. It’s the supply and demand concept.. According to an article on the website ny.curbed.com, here’s an example of the rent situation…
The median rent for Manhattan, $3,382 one year ago, is now $3,350. Year-over-year, the median for Manhattan studios decreased 2.6 percent to $2,500; one-bedrooms decreased 1.3 percent to $3,350; and two-bedrooms decreased 5.2 percent to $4,500. Median prices for the luxury inventory decreased a minimal 0.2 percent to $7,983.
There are still plenty of special offers for renters looking for a new residence. Discover a luxury apartment building, EOS, that’s offering no fee rentals in Flatiron NYC. EOS is located at 100 W 31st St, New York, NY 10001. Call for availability at (212) 899-3131 or contact them through their website.
EOS proudly offers residents access to its own 15,000-square-foot Nike-branded gym. Along with sweeping city views, a rooftop recreation level, a pool and many other eco-minded amenities. In addition to its residential program, the 47-story mixed-use complex also houses 200,000 square feet of commercial and office space including Nike‘s new NYC corporate headquarters.