The Rent is Too Damn High, So New Yorkers Are Buying Homes

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Jimmy McMillan might be on to something: a real estate research firm has noticed that more New Yorkers are trying to buy apartments -- because the rent is too damn high.

As it turns out, the perfect storm of inflated rents and low interest rates has pushed would-be renters into the market, according to DNAinfo.

Many home-seekers have complained that their rents have ballooned anywhere from 10 to 20 percent, so they see purchasing as the only economic option.

One agent has even "seen clients in bidding wars for studios in Chelsea, Kips Bay and Gramercy, which was unheard of until recently."

Wars!

Citing a StreetEasy report, DNA says that some 19 percent more "starter" apartments went into contract in February compared to 2011. Interest in family-size apartments, though, sank 8.2 percent.

Unfortunately, if you don't have the cash to shell out for a down payment on a condo, you might soon find yourself with even less money: Manhattan rents are expected to go up 10 percent in 2012.

Follow Victoria Bekiempis @vicbekiempis.

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student accommodation in Leeds
student accommodation in Leeds

Wow…I am bowled by your level of knowledge. I am so impressed. I think youhave got a deep insight into this topic. Could not think on those lines ever…Ithink you are gifted…keep going. Thumbs up! 

Joe_Lynn
Joe_Lynn

 On the other hand, 50 years ago starving artists and general n'er do wells moved to the 'Village' because it was sane to abandon the posher districts.  Thanks to 'progress' a new New Yorker would prefer a million dollar water-heater closet to relocating to a 'flyover state' where he would be forced to adapt to multiple rooms and less surly service-people. There's no accounting for taste :)

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