Manhattan skyline from Crown Heights, Brooklyn (CORE)
New Yorkers are typically unflappable, but rising rents of the past few months have started to rattle renters and agents alike. A new report by Apartment List found that New York City rents have increased 1.6% over the past month, in the third straight month of rent increases in 2022, and increased 31.8% in comparison to this time last year. Indeed, New York City’s month-over-month rent growth ranked 14th among the 100 largest cities in the United States. Additionally, a recent study highlighted in The Real Deal found that the concessions that once enticed renters - think a month or two of free rent, amenity credits, and/or gift cards - have all but vanished, with landlords offering the lowest share in six years.
In this article:
Lack of inventory is a significant factor. Vacancies remain under two percent for the fifth straight month, and a recent report found that Manhattan listing inventory has fallen 77% from April 2021 levels. The outer boroughs are offering no respite, with Brooklyn inventory down 84% from last year and Queens inventory down 89%. Report author Jonathan Miller calls it the most significant annual decline for the month on record. In what is perhaps the understatement of the century, Mr. Miller told Crain's New York Business, "It is not a fun market for tenants at the moment."
Against this backdrop, bidding wars have erupted for relatively run-of-the-mill apartments, and luxury buildings report that one in three lease signings was affected by a bidding war. This has had the effect of driving prices up even further. Others who got used to living on their own have gone back to living with roommates; data from roommate listing site SpareRoom found that roommate rents have not risen as sharply as solo rents.
Senior economist Joshua Clark suggests that the increased prices will push some tenants out of New York, which will in turn build up listing inventories. If enough apartments are listed, rent growth could possibly stabilize. It is a little soon to say whether that day is coming; while Equity Residential reported that bargain-hunters are starting to move out rather than pay higher rents (h/t Bloomberg), they noted on that same earnings call that they can still easily attract new residents. This comes as little consolation to people who are scrambling to find a livable apartment within their budget, and the New York Post notes that inflation is not helping matters.
In the second full week of June 2022, CityRealty listings show only 4,506 publicly listed units for rent throughout New York City, with the median rent climbing to $5,028/month for Manhattan. However, with today's more relaxed work arrangements, neighborhoods in the outer boroughs may emerge as a more viable option than renters had previously considered. These areas outside Manhattan offer more bang for the buck and an interesting living atmosphere for less money.
Coming Soon
Lyra, 555 West 38th Street, Midtown West
52 stories | 600 units
Developed by Rockrose Development | Design by Pelli Clarke Pelli
Learn more and register here
Rendering of Lyra (Pelli Clarke Pelli)
The area around the Javits Center was typically at its liveliest during conventions, but that has changed with the opening of Hudson Yards and a surrounding building boom. Lyra's soaring height will allow residents to enjoy views of the Javits Center's green roof and the Hudson River. All studio through two-bedroom units will feature thoughtful living space and gourmet kitchens, and the amenity package is set to include a fitness center, squash court, golf simulator, coworking center, and sky lounge.
As of this writing, an affordable lottery is in place for 177 units in the building. Individuals and households earning $47,966-$187,330 have until August 16, 2022 to apply for apartments ranging from studios for $1,399/month to two-bedrooms from $3,397/month. Full details and criteria may be found here.
As of this writing, an affordable lottery is in place for 177 units in the building. Individuals and households earning $47,966-$187,330 have until August 16, 2022 to apply for apartments ranging from studios for $1,399/month to two-bedrooms from $3,397/month. Full details and criteria may be found here.
Lottery criteria (Housing Connect)
3ELEVEN, 311 Eleventh Avenue, Chelsea
62 stories | 990 units
Developed by Douglaston Development | Design by FXCollaborative
Learn more and register here
3ELEVEN rendering (Douglaston Development)
3ELEVEN spans the entire blockfront of Eleventh Avenue between West 29th and 30th Streets. All units will feature efficient layouts, open floor plans, 6" plank European oak flooring, and kitchens with quartz countertops and stainless steel appliances. Over 50,000 square feet of indoor and outdoor amenities are set to include an outdoor pool, private cabanas, multiple outdoor terraces, a fitness center, meditation space, many communal lounges, a pet care facility, two outdoor dog runs, bicycle storage, and a parking garage.
As of this writing, an affordable housing lottery is in place for 235 units in the building. Individuals and households earning $26,229-$144,100 have until August 9, 2022 to apply for apartments ranging from studios for $690/month to two-bedrooms for $2,342/month. Full details and criteria may be found here.
As of this writing, an affordable housing lottery is in place for 235 units in the building. Individuals and households earning $26,229-$144,100 have until August 9, 2022 to apply for apartments ranging from studios for $690/month to two-bedrooms for $2,342/month. Full details and criteria may be found here.
Lottery criteria (Housing Connect
The Brooklyn Tower, 9 Dekalb Avenue, Downtown Brooklyn
93 stories | 400 rental units
Developed by JDS Development Group | Design by SHoP Architects
Learn more and register here
At 93 stories and 1,006 feet high, The Brooklyn Tower is the first and only supertall in the borough. The tower comprises rental units and condos on top, and all units will feature interiors by Gachot Studios, elegant kitchens, and a distinct material palette throughout. Amenities include state-of-the-art health and fitness spaces, outdoor loggias, and a landscaped outdoor deck with a pool, hot tub, lounge areas, and BBQ grills at the bank's Gustavino-tiled dome. Sales launched on the condos on the uppermost levels earlier this spring, and the rentals are expected to launch leasing later this summer.
The Paxton, 540 Fulton Street, Downtown Brooklyn
43 stories | 327 units
Developed by Jenel Real Estate | Design by Marvel Architects
Learn more and register here
The Paxton, a new tower in Downtown Brooklyn, offers eight floors of office space with residential units on top, the better to make the most of spectacular skyline views. Amenities are set to include a common lounge, a resident business center, package and laundry rooms, parking for 11 bicycles, a ninth-floor gym, and a roof deck. 96 units have reportedly been designated affordable, but details on this are not yet available.
Eagle & West, 1 Eagle Street, Greenpoint
40 stories | 745 units
Developed by Brookfield Properties | Design by OMA Architects
Learn more and register here
Eagle & West rendering (OMA New York)
The complementary towers that comprise Eagle & West, a new Greenpoint Landing development, were designed to make the most of waterfront views and abundant natural light. Details are not yet available about the apartments' interiors, but an impressive amenity package is set to include an outdoor resort-style pool, an indoor lap pool, a state-of-the-art gym, a coworking center, a fully equipped game room, a children's playroom with terrace access, a lounge with terrace access, and a rooftop terrace with bocce court, BBQ grills, and lounge and bar seating.
Eagle + West is one of the few sizeable rental developments that will present much-needed apartment supply later this year (credit: Brookfield/OMA Architects
Newly-Launched Rental Developments
102 Charlton Street, Soho
15 stories | 37 units
Developed by Lalezarian Properties | Design by Ismael Leyva
Completed in 2022
2 available listings from $4,550/month
1.5 months free rent
102 Charlton Street (CityRealty)
102 Charlton Street cantilevers over the tenement next door, and its glassy facade glistens in stark contrast to its brick and stone surroundings. All units feature modern finishes, floor-to-ceiling windows, kitchens with stainless steel appliances, baths with Kohler fixtures, and in-unit washer/dryers. Amenities include a lobby with green wall, a bike room, a lounge, and a roof deck. See full details here.
Maverick Chelsea, 225 West 28th Street
21 stories | 111 units
Developed by HAP Investments | Design by DXA Studio
Completed in 2022
5 available listings from $5,492/month
1 month free rent
Maverick Chelsea (HAP Investments)
Maverick Chelsea makes a bold statement in its streetscape across from FIT, and the rental component is housed in the grey-faceted section. All interiors feature ceilings up to 10 feet high, white oak European flooring, kitchens with custom Scavolini cabinetry and stainless steel appliances, well-designed baths, and in-unit washer/dryers. Amenities include attended lobby, state-of-the-art fitness center, 60-foot lap pool, sauna and steam room, library, lounge, billiards room, children's playroom, rooftop terrace, and outdoor kitchen. The building is currently offering one month free rent. See full details here.
One East Harlem, 2319 Third Avenue
19 stories | 404 units
Developed by The Richman Group, Bridges Development Group, and Monadnock Development | Design by S9 Architecture
Completed in 2022
8 available listings from $2,785/month
1 month free rent
One East Harlem (Douglas Elliman)
Years after a rezoning that allowed for greater building density, One East Harlem is set to bring hundreds of housing units, a new supermarket, and new retail space to a newly bustling section of East 125th Street. All units feature high ceilings, wood-plank floors, contemporary kitchens, elegant baths, and in-unit washer/dryers. Amenities include an attended lobby, business center, fitness center, game room, club room, terrace lounge, and rooftop garden. The building is now offering one month free rent on a 13-month lease. See full details here.
110 West 123rd Street, Harlem
6 stories | 6 units
Developed by Venture 123 LLC | Design by Cross Architects
Completed in 2022
4 available listings from $4,650/month
All units at 110 West 123rd Street are reached via keyed elevator access, and interiors feature modern aesthetics, wide plank European white oak floors, kitchens with white oak cabinetry and professional-grade appliances, spa-like baths, and private balconies. It is in the heart of the Mount Morris Park Historic District near Marcus Garvey Park (as seen in the Academy Award-winning Summer of Soul), iconic Harlem restaurants, Whole Foods, and all three 125th Street express trains.
Magnolia DUMBO, 160 Front Street
21 stories | 320 units
Developed by RXR Realty | Design by Morris Adjmi Architects
Completed in 2022
7 available listings from $4,001/month
Up to 2 months free rent
Magnolia DUMBO (Williams New York)
Magnolia DUMBO is the rental component of the 1.1 million-square-foot, full-block DUMBO development designed by Morris Adjmi Architects. All units feature high ceilings, warehouse-inspired windows, kitchens with Bosch appliances, and in-unit washer/dryers. The building is home to a 77,000-square-foot Life Time Fitness outpost, and amenities include an attended lobby, game room, terrace lounge, outdoor pool deck, and 23,000-square-foot private park. The building is currently offering one month free rent on 12-month leases and two months free rent on 24-month leases. See full details here.
The Guild, 310 Livingston Street, Downtown Brooklyn
23 stories | 160 units
Developed by Lonicera Partners | Design by Fogarty Finger Architects
Completed in 2022
4 available listings from $3,932/month
1 month free rent
The Guild's design draws inspiration from prewar and modern aesthetics alike in Downtown Brooklyn and Boerum Hill. All units feature 9' ceilings, wide plank wood floorings, kitchens with Caesarstone countertops and Blomberg appliances, Italian porcelain tile baths, and in-unit washer/dryers. Amenities include an attended lobby, a fitness center, a library/"speakeasy" lounge, a game room, a private dining room, and a rooftop terrace with grilling, lounging, and dining spaces. The building is currently offering one month free rent on a 13-month lease.
125 Kings Highway, Gravesend
7 stories | 61 units
Developed by 125 Kings LLC | Design by BDF Design
Completed in 2022
3 available listings from $2,416/month
1 month free rent
125 Kings Highway (Compass)
125 Kings Highway is a modern new rental in Gravesend up the street from an express subway stop. All units feature large windows, thoughtful layouts, kitchens with sprawling counterspace and high-tech appliances, and baths with custom finishes and soaking tubs. The building welcomes pets, and amenities include a landscaped courtyard, central laundry room, fitness center, and package room. It is offering one month free rent on 13-month leases. See full details here.
Gotham Point, 57-28 2nd Street, Long Island City
57 stories | 900 units
Developed by Gotham Organization | Design by Handel Architects
Completed in 2022
10 available listings from $4,056/month
1 month free rent
Gotham Point (Gotham Organization)
Long Island City has seen an incredible amount of new development in recent years, and Gotham Point is one of the tallest and densest communities to take shape. All units feature luxury plank flooring, complimentary window treatments, Silestone quartz countertops, energy-efficient stainless steel appliances in the kitchens, state-of-the-art faucets and fixtures in the baths, and in-unit washer/dryers. Gotham Point is pet-friendly, and residential amenities include coworking lounges, an indoor/outdoor fitness club, a well-appointed game room, a children's playroom, and a rooftop terrace with grills, fire pits, and a rooftop farm. It is currently offering one month free rent. See full details here.
Rise LIC, 29-17 40th Avenue, Long Island City
10 stories | 103 units
Developed by SB Development | Design by Fogarty Finger Architects
Completed in 2022
2 available listings from $6,500/month
Credits by Hello Alfred and Levy
Rise LIC (Modern Spaces)
In the wake of a 2008 rezoning, Rise LIC has taken shape in the newly robust Dutch Kills section of Long Island City. Select units come outfitted with Bumblebee modular furniture, and all interiors feature organic materials, floor-to-ceiling windows, high ceilings, light wood flooring, modern kitchens, spa-inspired baths, and in-unit washer/dryers. Amenities include a lobby with a green wall, a fitness center with yoga studio, a rooftop with indoor lounge and outdoor terrace, a pet-washing station, bike storage, and on-site parking. An affordable lottery took place earlier this winter, and the building is offering credits for Hello Alfred concierge service and Levy electric scooters with new leases. See full details here.
Third at Bankside, 2401 Third Avenue, Mott Haven
25 stories | 548 units
Developed by Brookfield Properties | Design by Hill West
Completed in 2022
4 available listings from $2,644/month
Up to 2 months free rent
Third at Bankside (Brookfield Properties)
Third at Bankside is the first phase of Brookfield Properties' Bankside master plan, and rose on the former JL Mott Iron Works site. The new building features two distinct facade styles - one made of masonry and brick, one with glass and metal - and is reached via two private entry courts. All apartments are reached via keyless entry and feature interiors by Whitehall Designs, hardwood floors, modern kitchens, in-unit washer/dryers, and oversized windows facing sweeping river and city views. Approximately 20,000 square feet of amenities include a double-height lobby with 24-hour concierge service, a fitness center with studio spaces and premium equipment, a game room, a playroom, an outdoor pool deck with grilling stations and a furnished terrace, a bike room, and on-site parking with valet service and electric vehicle charging stations. The building is offering up to two months free rent. See full details here.
2321 Belmont Avenue, Belmont
6 stories | 42 units
Developed by Belmont Ave. 2321 Corp. | Design by Sion Associates
Completed in 2022
3 available listings from $2,250/month
2321 Belmont Avenue is an airy new rental located a short distance from the Bronx Zoo, the dining of Arthur Avenue, and the 182nd-183rd Street B/D trains. All units feature oversized windows, LED recessed lighting, high-end finishes, kitchens with quartz countertops and stainless steel appliances, custom closets, and in-unit washer/dryers. Amenities include a package room, bike room, parking garage, fitness center, lounge, and common roof deck.
Notable Rental Discounts
Bridgeline, #10C (Bohemia Realty Group)
From the Listing: Welcome to Bridgeline, where residents enjoy spectacular amenities, sophisticated finishes, and convenience all for a great value. The apartment boasts oversized windows, hardwood floors throughout, in-unit washer/dryer, and a sleek, modern kitchen with stone counters, dishwashers, and stainless appliances. See floor plan and full details here.
Q41, #17A (MNS)
From the Listing: This one-bedroom apartment with a private balcony is absolutely beautiful. The details are so charming and the space is great. The open kitchen with walnut cabinets has stainless steel appliances, dishwasher, microwave and a refrigerator. Offering 3 week complimentary. See floor plan and full details here.
From the Listing: The apartment features bright and sunny eastern river views, full size open kitchen with dishwasher and a large island, ample closet space, washer/dryer, and a king size bedroom with double closet space. Oxford luxury condominium features full time doorman, indoor lap swimming pool, state of the art fitness center, lounge and a large courtyard terrace. See floor plan and full details here.
From the Listing: This West Chelsea one bedroom features an open, loft-like layout and 9.5 foot ceilings. The modern kitchen highlights Caesarstone countertops, a Liebherr refrigerator, and a Bosch range, as well as dishwasher and microwave appliances. The bright bedroom offers a floor-to-ceiling closet and three west-facing CitiQuiet windows. Two through-the-wall A/C units and new moldings keep the entire apartment comfortable. See floor plan and full details here.
231 West 113th Street, #TH (Brown Harris Stevens)
From the Listing: 231 West 113th Garden #1 is the perfect place to call home. Full floor through with south and north exposures with oversized windows on a tree-lined street. Renovations completed February 2022 with granite counter tops, shaker cabinets, LG profile appliances, newly installed video intercom system, washer/dryer, hardwood floors throughout 3 decorative fireplaces, 2.5 baths - the bedrooms boast 11’ ceilings the garden/parlor ceilings boast 8.6' ceilings. See floor plan and full details here.
200 Chambers Street, #7J (R NYC)
From the Listing: Corner unit one-bedroom with high ceilings (unique to 7th floor) and Hudson River views. The apartment features floor-to-ceiling windows, hardwood floors, and 11-foot-high ceilings. The luxury kitchen includes appliances from Sub-Zero, Viking and Bosch. See floor plan and full details here.
The Ashley, #1606 (Compass)
From the Listing: Apartment #1606 features over 900 sq. ft. with open corner living space, tons of windows, and north, south, and west exposures. The eat-in galley kitchen is outfitted with Caesarstone quartz countertops, copper mosaic tile backsplash, and GE stainless steel appliances. The primary bedroom can easily fit a king-sized bed, and there is an in-unit Bosch washer/dryer. See floor plan and full details here.
Southgate
Southgate, #7G (Corcoran)
The Plaza, #1804
From the Listing: Welcome to 1804 at the iconic Plaza Condominium Residences located on 59th Street and Fifth Avenue directly in front of Central Park! This pristine high floor over-sized corner one-bedroom features a separate windowed home office, dining room or sleeping area with its own closet. A gracious entry gallery leads to an expansive living room with high ceilings, south facing floor-to-ceiling French doors and Juliette balconies. See floor plan and full details here.
51 Fifth Avenue, #12A (Compass)
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