Compare What Luxury vs. Non-Luxury Units Cost in Your Neighborhood

by Amy Zimmer — </div>
In areas such as Downtown Brooklyn and Harlem, luxury and non-luxury prices are similar, a report found. <div> <img src=”” alt=”” width=”300″ height=”225″></div> MANHATTAN — As asking rents for apartments in luxury buildings drop across the city and prices for non-luxury buildings increase, luxe apartment residents in some neighborhoods may be paying the same price — or even less — than their less fancy neighbors, according to an analysis by the rent search engine RentHop. As inventory expands for luxury apartments — defined by the report as those that have a doorman and/or fitness center and generally located in high-rises — landlords of these higher-end properties are vying for tenants by lowering prices and offering concessions, like a month’s free rent or paying the brokers fee, experts said. In DUMBO, the median price of a one-bedroom in a luxury rental for the fourth quarter of 2016 was $3,780 a month, while a one-bedroom in a non-luxury rental was about 4 percent more, at $3,945 a month, RentHop found. Rents for both fell compared to the same time a year ago, but

This post was originally published on this site. Click here to read the post and view byline and photo credits etc.