This spring’s biggest trend? New construction. “A number of new developments have come to completion,” says Mike Colombo, an associate broker and manager at Ideal Properties Group. “There’s a huge amount of inventory, so renters nowadays are presented with tons of options.”
The discounts aren’t just stopping at brand-new digs, either. Oversaturation in the market and incentivized rent in new buildings is forcing prices down in the old ones, too. This puts the ball firmly in the renter’s court.
We got in touch with brokers and real estate gurus from Ideal Properties Group, Citi Habitats and Quinn PR to find some of the best deals and new buildings for every budget across the city. Take your pick!
For the single person on a budget
“[We’re seeing] a large push over in the Crown Heights, Bushwick and Prospect Lefferts Gardens areas,” Colombo says. “Lots of old townhouses and brownstones that have been newly renovated by landlords, but are still very friendly on the pocket.”
Colombo notes that the outer fringes of Brooklyn are increasing in popularity too — South and East Brooklyn especially, and offer renters affordability, as long as they’re willing to increase their commute time.
756 Greene Avenue, $3300
Stuyvesant Heights, Brooklyn
A newly renovated unit in a classic brownstone with all the bells and whistles — including 2.5 bedrooms and 2.5 baths, and proximity to the J, M and G lines.
620 Coney Island, $2500
Ditmas Park, Brooklyn
Ditmas Park is one of Brooklyn’s lesser known wonders. This three-bedroom is completely renovated with modern finishes, and a short walk to the Q train.
483 Ocean Parkway, $2800
This massive three bedroom in Kensington has its own washer and dryer, and big, airy rooms. And if that’s not enough incentive, one month of free rent is included with the lease.
For the single person who’s moving on up
Those new developments we mentioned were made with these folks in mind. Colombo elaborates: “All the amenities you want — concierge in building, gym, laundry, whatever the case may be. And because these new developments are hitting the market, and there’s a ton of vacancies, they’re offering a lot of incentives that bring the effective pricing down to a good deal.”
180 Franklin Avenue, $2,443
Crown Heights, Brooklyn
This one-bedroom, one-bath apartment is “perfect for people with an artistic streak,” says Daniel Charles at Citi Habitats. The building includes an on-site art studio, art gallery, and a soundproof music rehearsal space.
365 Bond, Varies
The Gowanus Canal isn’t exactly a sight to behold, but Brooklyn’s first residential development bordering it sure is. Built with the single, design-minded urbanite in mind, this building has amazing views of the Gowanus waterfront park, and the quaint, tree-lined streets of Carroll Gardens.
Tower 28, Varies
Long Island City, Queens
This development appeals to wealthy singles with amenities like a pool, fitness center, and a cinema room.
For the couple planning or starting a family
These people are often looking for traditionally family friendly areas. It won’t be cheap, exactly, but these places are slightly less expensive than they used to be. “Those prices are still up,” Colombo notes. “But they’re coming down a little bit because of all the new developments.”
190 Powers Street, $6,500
Here’s a huge townhouse with room to spare — it’ll make you feel like you’re in the suburbs. Three bedrooms, three baths, three levels, and a private yard: perfect for the expanding family.
Waverly Brooklyn, Varies
Fort Greene, Brooklyn
These new condominiums in the heart of scenic Fort Greene offer a modern perspective on landmark Brooklyn. Families looking to expand can look forward to living in a neighborhood that combines Brooklyn charm with Manhattan style conveniences.
340 East 23rd Street, $8,000
Upper West Side, Manhattan
This 2-bedroom, 2-bath condo rental is perfect for the growing family that wants to live in one of Manhattan’s most classic neighborhoods. Plus, the building offers a gym, lounge, and landscaped roof terrace.