7 Apartment Real Estate Trends For The Remainder of 2015

TOWN Real Estate CEO Andrew Heiberger has made some predictions lately on what he and his team expect to see through the remainder of 2015 in the apartment market in New York City. Here are those predictions.
Prediction 1: Manhatten Prices Rise But At Slower Pace
Manhatten rental prices will continue to rise, but at a slower pace than seen during 2014. Heiberger expects that prices will be about 4 percent higher by January 1, 2016.
Prediction 2: Buyers Looking for Trendier Units in Brooklyn and Queens
For many months, there has been little action in the buying or selling of apartment complexes in Brooklyn and Queens. Heiberger says he expects that to change with buyers looking to purchase more upscale buildings with fewer units.
Prediction 3: New Developments to Slow
Heiberger hedges his bets a little on this one. If 421a is allowed to expire on June 15, then new development across the city will slow down drastically. If lawmakers extend the 421a, then developers will race to beat the new deadline.
Prediction 4: Amenities Will Pay A More Important Role for Tenants
There is already a trend in all areas of the city, for apartment buildings to offer amenities. This trend will become even more popular with many complexes offering free classes or other amenities. While costly, the tradeoff is that tenants will stay longer and invite their friends to move into the complex lowering vacancy rates.
Prediction 5: Microsuites in More Buildings
The hottest market in apartment rentals is the young professional, but these professionals may not be able to pay over $3,000 a month to live in New York’s better neighborhoods. Therefore, look for landlords to offer microsuites with one apartment being divided into three or four small bedrooms with a shared kitchen and bath.
Prediction 6: Apartments in Some Neighborhoods Become Scarcer
Those looking to rent in Long Island City, Bedford-Stuyvesant, and Crown Heights will have a harder time than ever before locating available units. That is why it is so important to work with a professional like those at TOWN Real Estate to find NYC apartments for sale that meet your needs the best.
Prediction 7: More Luxury Per Square Foot
Apartment renters are looking for smaller units, but they are unwilling to give up any luxuries. Therefore, landlords must figure out how to compact the same amount of luxuries into a smaller unit. In addition, renters are demanding more privacy than ever before.