This is a brief analysis on the Upper East Side Second Avenue Subway Line construction on how it affects and will affect New York apartment rentals now and in the future.
With a fragile economy and the train construction on the Upper East side (namely, Second Avenue or on any street that intersects with Second Avenue), anyone can take advantage of sweet deals that they would not get the pleasure of enjoying under a stable economy and a non-construction environment. Landlords are hurting and eager to rent apartments, a weak economy and construction on Second Avenue adds fuel to the fire. Lowered rents, free months rent and OP’s paid to brokers are incentives to get apartments rented. The noise and scenery of construction is not appealing, but a renter can get an apartment that they probably would not of been able to afford under normal circumstances.
In the future:
It will take less convincing and motivation to consider an apartment on York and East End Avenue. Renters will have a broader range of apartments to choose from in the Upper East Side that are close to the subway, not to mention, spending less time searching for an apartment.
Reginal Legros is a licensed real estate agent with Manhattan Apartments, Inc. A native of Brooklyn, Reginal is a down to earth laid back person that listens and understands his clients needs. A real estate junkie, Reginal is eager to learn a new thing about real estate each day. In the near future Reginal plans to pursue a Master’s degree in Real Estate.