As a highly active and iconic market, New York is one of the strongest and busiest real estate locations in the country; this is no secret, given its many alluring characteristics to tenants and property owners alike. Still, however, the market’s reputation has not been able to stifle persisting myths and misconceptions pertaining to its prices, regulations, and overall presence in the broader US real estate mosaic.
Here, I will address several of these misconceptions, providing facts as to why they are untrue or misguided.
Myth: “I will not have problems if I move into a new apartment”
This misconception is not necessarily exclusive to the New York market, as it could be applicable to any market where regular property construction is a commonality, but it is certainly one that shows itself more often than not with new city-based tenants. Though older properties are usually prone to more structural issues, the reality is that brand new apartments can pose challenges for their tenants — namely with move-in timelines and issues overlooked by a potentially negligent developer. The pros of renting or buying a new apartment, in most cases, will outweigh the cons, but keep in mind that “new” does not necessarily mean “infallible.”
Myth: “It is too expensive to live in New York’s upper east side”
Many potential buyers and renters shy away from NY’s upper east side for fear of steep prices, but in reality the market is generally affordable — at least compared to some of its counterparts. Yorkville, for instance, is consistently identified as an ideal living option due to its comparative affordability and up-and-coming atmosphere. Of course, like any other market sector, this area provides a range of prices across a variety of different properties, so success will boil down to careful exploration and budgetary assessment.
Myth: “All NY monthly asking rates are steadfast”
Ideally, in any real estate-based scenario, the tenant and owner agree to a set monthly asking rate that has been predetermined. However, that’s not to say that tenants do not have negotiating power in certain NY-based sectors. As markets in Manhattan, Queens, and Brooklyn have cooled, many renters have been given the ability to negotiate more reasonable monthly rates. Such negotiations are not, by any means, expected or guaranteed to result in lower prices, but the opportunity exists, contrary to popular belief.