Over the past few months, coverage on the New York City real estate market has revealed one thing; that luxury sales in the Big Apple are higher than they have ever been. However, even with this surprisingly high sales numbers that are only continuing to climb, the rental market has continued to thrive as well. While a great deal of the focus in the industry has been placed on luxury sales numbers, the amount of growth within the luxury rental market is equally impressive.
During the recession, the luxury rental market began to take off, when many found they were no longer able to afford to purchase the high end properties that met their needs. Stunning rental properties with sprawling floor plans and high end finishes began to appear left and right, and renters found they were paying big prices in order to be able to live in luxury without the full commitment. Rentals for penthouse properties were costing tens of thousands of dollars a month and those numbers remained steady as more and more luxury real estate moguls found that renting was a better way to avoid issues with the housing market.
However, when the market began to recover, many expected that the shift would once again turn to luxury sales and that the luxury rental market would begin to dwindle. Data has been showing that while the luxury condo sales market has been thriving, the luxury rental market has not taken the hit that many expected it to. Apparently, in New York City’s luxury heavy real estate market there is room for both rentals and luxury home sales that are some of the most expensive in the country.
As real estate sales continue to thrive, rental prices continue to soar in their own right. In fact, in today’s market $5,000 a month for a one bedroom home in New York City seems to be the average rate. While these homes are not packing a great deal of space, they are packing the high-end finishes and features that many come to expect from the NYC luxury real estate market. These are homes that come with service packages, amenities and stunning views that many are looking to pay for while living in downtown New York City. While both sales and rental rates continue to rise within the market, it seems as though in NYC there is so much luxury abound that there is plenty of room for both to thrive.
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