Whether you are shopping for an apartment to purchase or to rent, hunting for a NYC apartment is an intimidating experience.
September 13, 2005 (Press Release) --
Whether you are shopping for an apartment to purchase or to rent, hunting for a NYC apartment is an intimidating experience. Many people come to NYC not really understanding that NYC real estate is far different from anywhere else in the United States. It’s one of the few places where tenants are expected to pay the brokerage fee for a rental apartment. Traditionally, landlords paid the brokers to find them quality tenants. The NYC real estate market is booming, and vacancies are at all time low. Between 1-2% of available apartments are currently for rent. The rest of the country has a vacancy rate between 5-8%. As the economy in NYC improves, the demand for housing is only going to tighter.
Karen Ing is a recent graduate of American University. She got a good job offer from a public relations company in Manhattan. She says, “I’ve always wanted to live in Manhattan, there’s no place like it in the world. When I first got here, I lived on my friend's couch while job and apartment hunting. It was a miserable experience, if you say you want a studio for $1000 in the city, brokers look at you like you’re stupid, anywhere else in the US, one thousand dollars will get you a really nice apartment.”
Many young adults in NYC have come up with alternatives for housing. They are splitting apartments into ever smaller compartments. Many are living with their families longer in order to save money, and some are compromising on their commute times. While older adults say the younger generation spends too much money on frivolous items, there is strong evidence that young adults are more stretched than ever. The average young adult graduates college with at least $18,000 in student loan debt. Coupled with rising health insurance and housing costs, young adults are struggling to make ends met, especially in the most expensive city in the USA.
Karen Ing hopes to one day buy her own home as her parents have done, but she says she will likely leave NYC in a few years and move back to where she grew up in Michigan. Many young adults are completing the same move.
Read more articles at:
http://www.nycapartmentblog.com
Karen Ing is a recent graduate of American University. She got a good job offer from a public relations company in Manhattan. She says, “I’ve always wanted to live in Manhattan, there’s no place like it in the world. When I first got here, I lived on my friend's couch while job and apartment hunting. It was a miserable experience, if you say you want a studio for $1000 in the city, brokers look at you like you’re stupid, anywhere else in the US, one thousand dollars will get you a really nice apartment.”
Many young adults in NYC have come up with alternatives for housing. They are splitting apartments into ever smaller compartments. Many are living with their families longer in order to save money, and some are compromising on their commute times. While older adults say the younger generation spends too much money on frivolous items, there is strong evidence that young adults are more stretched than ever. The average young adult graduates college with at least $18,000 in student loan debt. Coupled with rising health insurance and housing costs, young adults are struggling to make ends met, especially in the most expensive city in the USA.
Karen Ing hopes to one day buy her own home as her parents have done, but she says she will likely leave NYC in a few years and move back to where she grew up in Michigan. Many young adults are completing the same move.
Read more articles at:
http://www.nycapartmentblog.com
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