Why is rent in Manhattan so high?

Answer 1

cause it's an amazing cite and the cost of living is just really high.

Answer 2

It's the law of supply and demand. There are only a limited number of apartments to live in. Thus the supply is low. There is tremendous amount of demand to live in Manhattan. It's where the action is at. Thus the demand is sky high.

Answer 3

One reason is rent control. The rent control & stabilization laws that were intended to keep rents down in a war time emergency are now over 60 years old. Because they kept rents too low for landlords to make decent return on investment there was almost no new apartment construction for about 40 years. Moreover, it kept people who live in controlled apartments from giving up their apartments and allowed them to essentially pass it & their low rents on to their children (& spouses, dependants & now even unmarried lovers). Thus there are thousands of NYC apartments renting for well below market rates -- but they never come on the market. Another feature of the law that drives up rents is that new apartments initially renting for over $2,000 a month are exempt from rent control. Result: All new private construction is for apartments renting above $2,000 a month or for condominiums which are also exempt.

Answer 4

Manhattan is where everybody go to (especially tourist). On most TV show setting in New York is filmed in where else, Manhattan. I also found Manhattan is the best place to learn how to drive (18 and up please).

Answer 5

Many people mentioned supply and demand which is absolutely correct. Also you need to remember that New York is brimming with people with a whole ton of money. I mean, there are a LOT of rich people in NYC, who are willing and able to pay as much as they do for apartments. Developers keep building luxury high rises, landlords keep charging $2,000 a month for a one-bedroom, and there seems to be no shortage of people to pay for it. Lucky them!

Answer 6

no longer truly. besides the incontrovertible fact that, it does remember on the dimensions of the condominium and the community. in case you're speaking a pair of studio interior the East Village, then sure. If, besides the incontrovertible fact that, you're speaking a pair of one mattress room interior the West Village or maximum different ny neighborhoods then definitely no longer, distinctly if it comes with a doorman or different centers. I stay interior the united statesand hire a a million mattress room with a patio in a doorman construction for extra or less that lots. Welcome to long island city. it is properly worth each penny.

Answer 7

This is a result of Economics and also something known as Supply and Demand. The Supply is short and demand is high which results in rising prices.

Answer 8

Could be a variety of things. For one the high demand and low supply could be the reason why. Another reason is politics. It could be hillary and her democratic brethren made so much red tape for landlords to stay in business and taxes that could have made prices go up.

Answer 9

Hahahahahahahahahahahahahahahahahahaahahah
Manhatten dirt (real estate) is among the most valuable in the world. Space is at a premium

Answer 10

Manhattan real estate is prime.....the vacancy rate is less than one percent and also they are putting up new buildings every place you look....

Answer 11

your already added

The rent is high because people love CITY living, the nightlife as well as the fact that it is close to clubs, restaurants...and night life.....