Slicing the Big Apple.
May 7, 2012 5:37 AM Subscribe
Which Manhattan neighborhoods consistently rent at higher prices? Which Manhattan neighborhoods tend to be more affordable?
I'm trying to get a feel for rental trends in Manhattan, but it seems that adjacent blocks--and sometimes adjacent streets--can vary considerably in terms of demand for rental units and the upward pressure on prices. To keep things simple, I'm trying to zero in on rents in walk-ups or brownstones (in the $2000 to $6000 range), rather than pricier elevator or doorperson buildings.
-Over the long term--extended through ten years or more--which Manhattan neighborhoods have shown consistently high demand for rental units, with prices to match?
-Which neighborhoods seem to buck the above trend, and offer rents that are more affordable, despite being located a block or two from more exclusive neighborhoods?
-What are the up-and-coming neighborhoods in Manhattan in which rents are trending upward? What's becoming gentrified right now?
-Crystal balling the situation, which neighborhoods--due to infrastructural improvements, like the 2nd Avenue subway, and so on--are likely to trend upwards in the next ten years? (Wild guesses are fine here).
I'm trying to get a feel for rental trends in Manhattan, but it seems that adjacent blocks--and sometimes adjacent streets--can vary considerably in terms of demand for rental units and the upward pressure on prices. To keep things simple, I'm trying to zero in on rents in walk-ups or brownstones (in the $2000 to $6000 range), rather than pricier elevator or doorperson buildings.
-Over the long term--extended through ten years or more--which Manhattan neighborhoods have shown consistently high demand for rental units, with prices to match?
-Which neighborhoods seem to buck the above trend, and offer rents that are more affordable, despite being located a block or two from more exclusive neighborhoods?
-What are the up-and-coming neighborhoods in Manhattan in which rents are trending upward? What's becoming gentrified right now?
-Crystal balling the situation, which neighborhoods--due to infrastructural improvements, like the 2nd Avenue subway, and so on--are likely to trend upwards in the next ten years? (Wild guesses are fine here).
You could start to answer these questions by pulling some data from NYC Open Data
Rental Income would be a good indicator of which neighborhoods are better compensated; some data sets on this site break down revenue per square foot by street address.
posted by teabag at 6:45 AM on May 7, 2012
Rental Income would be a good indicator of which neighborhoods are better compensated; some data sets on this site break down revenue per square foot by street address.
posted by teabag at 6:45 AM on May 7, 2012
The Most Livable Neighborhoods in New York: A quantitative index of the 50 most satisfying places to live by Nate Silver.
posted by caek at 7:01 AM on May 7, 2012
posted by caek at 7:01 AM on May 7, 2012
You're going have to define what "high demand" means. As far as I can tell, ALL of manhattan has been in what I would consider high demand for decades. Does high demand mean a majority of the apartments on a block would go for >$2000 easily(or adjusted for inflation, even)? That's still a tricky metric, because apartment size/quality can vary, obviously
posted by Patbon at 8:02 AM on May 7, 2012
posted by Patbon at 8:02 AM on May 7, 2012
Central and West Harlem are gentrifying pretty rapidly--say W 116th to W 130th between 5th Ave and Amsterdam. W 110th to 116th is getting some halo effect but is still kind of a rough neighborhood.
East Harlem is also slowly trending upward price-wise but not with the speed of its neighbor to the west, and lacks a bunch of the yuppie businesses that are starting to blossom in Central and West Harlem.
posted by The Elusive Architeuthis at 9:42 AM on May 7, 2012
East Harlem is also slowly trending upward price-wise but not with the speed of its neighbor to the west, and lacks a bunch of the yuppie businesses that are starting to blossom in Central and West Harlem.
posted by The Elusive Architeuthis at 9:42 AM on May 7, 2012
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One bedrooms in luxury doorman apartment buildings rent for rather less than $6000. They tend to go for between $3,000 and $5,000. Of course, some can be had for more.
As to up-and-coming Manhattan neighborhoods: the Washington Heights area around Columbia University's Medical Center (168th & Broadway) has seen some change in the five years I've been living here.
posted by dfriedman at 6:35 AM on May 7, 2012