While most people think all you need to live in New York City is a big dream and a bigger heart, there's a more important thing you need to live here that comes first. I'm talking, of course, about an apartment. In good news for starry-eyed dreamers, New York City is looking at a whole heap of apartments getting dropped within our borders this year, the most in the country according to one real estate report. Now you just need a whole heap of money to rent one of them.
Apartment search website RentCafe examined data compiled by a real estate research company and determined that New York City should expect to see an additional 26,739 new apartments become available in 2017, which is more than any other metropolitan area in the country. The apartment boom isn't exactly evenly spread out, with Manhattan and Brooklyn gaining 14,000 apartments this year with the rest of the 12,000 units spread out over Queens, northern and central New Jersey, White Plains and Long Island.
What will it mean for you and the rent check you pay every month, sobbing as you write it? RentCafe says that the nationwide construction boom is at least plateauing rents in some of the more expensive cities in the country. New York, which saw a construction permit rebound build throughout 2016, appears to have been touched by the real estate slowdown. The cooled off market is leading to lower prices for high-end units in Manhattan, and buyers refusing to just shower sellers with cash, according to DNAinfo. However, as with all news regarding New York's infinite real estate bubble, DNAinfo reports that smaller apartments and homes under $1 million are still able to generate bidding wars.
