This is why people buy apartments here if they can’t find a rent-stabilized or other controlled rent place to live. The mortgage, because of the effect of inflation, eventually becomes almost affordable and your monthly maintenance fees are far less than paying rent. Once you find such a place, you basically stay there until you die if it all possible — and then you arrange to have a family member take over the place. Failing those options, you stuff the place with roommates or live out in Queens (Brooklyn rents are just about the same as Manhattan).
Note the comment at the end of the article about the influence of recently built, see-thru apartment buildings. The monthly rents for them, empty as they are, undoubtedly influence the average. Because the purchase price of an apartment and the restrictions on buyers are so unreal, the rents may also be inflated by the wealthy willing to buy exorbitant rents as the cost of staying in Manhattan.
This is when I am very grateful to have moved here in 2001.
Bad news, renters. The Upper West Side has only gotten more expensive in the past year. New data from RENTCafe shows that all four zip codes in the neighborhood have seen increases, ranging from 0.5% to 9.9%.
RENTCafe also did a nationwide survey, looking for the zip codes with the priciest rents, and found that the Upper West Side accounts for a disproportionate number of them. Yes, even more than L.A. and San Francisco. The only spots in the city with higher rents, on average, are downtown zip codes 10282 and 10013.
The rents are averages, measuring all apartment sizes. RENTCafe looked at 17 million apartments across the country.
One recent theory about why rents continue to rise is that all the luxury condos now being built are too expensive even for most wealthy people. So those wealthy people are renting, and are thus pushing up prices for rentals. ”