Everything you need to know about NYC Luxury Apartments
What makes a luxury apartment? That’s a challenging question to answer that each of us may respond to differently. That being said, we’ve settled on a handful of factors when filtering for luxury NYC apartments. It all starts with the building, which needs to have a doorman and elevator. Essentially a high-end rental building will likely have luxury apartments for rent. When it comes to the individual units, we expect high-end finishes and appliances, including a dishwasher in the kitchen. The majority of luxury rentals will also have an in-home washer and dryer.
What sort of amenities do NYC luxury buildings have?
If you’re renting an apartment in a luxury building, you can expect a wide range of amenities beyond the white-glove doorman and concierge services. Approximately nine out of ten NYC luxury buildings will have an on-site fitness center, while most will also have a tenants’ entertainment room or lounge. Other amenities that are standard in most buildings include landscaped roof decks, children’s playrooms, on-site parking garages, and indoor swimming pools. Many of the newest luxury buildings in NYC will go over the top with amenities, trying to outdo one another with offerings that include golf simulators, bowling alleys, indoor basketball courts, tennis courts, and even indoor dog parks for your four-legged friends.
How do I find no-fee luxury rentals in NYC?
One of the perks of renting a luxury apartment in New York City is the fact that you’ll likely be able to avoid paying an expensive NYC broker fee. Most of these luxury rental buildings are also no-fee buildings, so you'll be able to save a significant of money on real estate commissions. Even better, a lot of these properties offer additional concessions like free rent and low or no security deposits. The best way to score a concession is to rent in the off-season, which corresponds to the winter months, roughly from November through February or to rent in a brand new building that is trying to lease up units quickly. One thing to keep in mind if you rent during the winter and want to remain on a favorable cycle is to be wary of 16-18 month lease terms that have you renewing during the peak summer spring season. Rents are highest from May-August, and you could be in for a nasty surprise when you try renewing your lease.
How much does a luxury NYC apartment cost to rent?
Rental rates depend on several factors, including the neighborhood, age of the property, and even the time of year you’re renting. As a general rule, you can expect a luxury apartment to cost at least 10% more than a unit in a comparable walk-up building. That means a unit in a doorman, elevator building without any amenities will typically go for 10-20% more than a similar unit in a walk-up. If the property has great amenities or the unit is more spacious or has higher end finishes or a view, you can see prices skyrocket.
Many newer luxury buildings in NYC also offer a limited number of affordable housing units, so if you’re lucky, you may be able to get a deal. Your income will need to fall within certain thresholds, however. Additionally, for these buildings, be prepared to go through a rigorous application and qualification process. As these apartments will typically be rent-stabilized, the landlord will want to ensure you’re highly qualified and will be stricter and more selective.