City Apartment or condominium refers to a residential property (usually two or more) which is enclosed within a high rises structure and has just one or maybe not many units. It is commonly known by professionals as a “‰suite— or simply “condo.” More often than not, it is managed by the management companies of the buildings where the apartment or condominiums are located. One can find several such buildings in the New York, Miami or Los Angeles. Here are the reasons why these types of properties have been a boon to the real estate industry.
The market value of the City apartments and condos have increased manifold over time. The growth in population, along with an increase in the construction and renovation industries have led to a surge in the demand for such apartments. The presence of higher-paid professionals has also played a vital role in the sudden rise in demand for the City apartments and condos. Another major reason behind this has been the long lasting and widespread publicity created about the City apartments and condos by the media and by celebrities. All these factors together have created an atmosphere in the City apartment or condominiums, which is far different from the traditional rental accommodations. This has led to the immediate and significant jump in the rental income of the property owners.
There are some interesting facts about the New York City apartments and condos. One interesting fact is that there are a maximum number of people for every ten thousand square feet of space. Hence, if you are looking to rent a City apartment, then New York City has got it all for you. This is particularly true for the rent of the studio apartments and the lofts in the big cities like New York, Manhattan and Queens. The presence of many big corporations in New York, as well as in the surrounding areas has also resulted in the intense competition among the City apartment owners to attract the tenants from all around the world.
Most of the landlords of the City apartments in New York opt for the rent-stabilized apartments. These apartments are considerably cheaper when compared to the others. Some of the reasons for the lower rent of the rent-stabilized apartments are – the increased supply of apartments on the main streets of New York, due to the increased demand, the increase in the size of the supply of apartments in New York, and the introduction of new and improved methods of advertising the apartments by the landlords. Since the tenants of the rent-stabilized apartments do not have to worry about paying their increased rent whenever the rents shoot up, they are more than happy to pay the increased amount. Besides, the cost of living in New York has come down drastically, thus the tenants of the rent-stabilized apartments benefit even in the minimum possible way.
As a matter of fact, many New York City tenants have chosen to rent-stabilized apartments in the Choksi section of New York, which is situated in the East Village of the city. The rent of the apartments in Choksi is significantly lower than that of the other areas in New York. The reason behind this is that the housing units of the Choksi area are spread out and do not form any permanent colonies. Due to this, the number of people living in Choksi has reduced significantly. Unlike the rent-stabilized apartments in the other neighborhoods of New York, the rent of the Choksi apartments is charged on an individual basis, with the basis of one month. The tenants of the Choksi apartments are required to pay an extra amount for the maintenance of the building, security, electricity, water and the like.
Other neighborhoods in Brooklyn andManhattan where the City Apartment properties are located include the East Village, Downtown Brooklyn, East Quogue, Fresh Pond, Fort Greene, Greenlawn, Manhattanville, Queens, North Brooklyn and South Brooklyn. All these neighborhoods have quite similar features, and there are a number of reasons as to why people prefer to live in City Apartment buildings, such as easy accessibility to public transport, better facilities, lesser crime rate and safer neighborhoods. In case of any legal issue, the tenants of the City Apartment can approach their landlords, who will help them resolve the issue. However, there is a word of caution here. If you are thinking of moving to an apartment in one of the neighborhoods described above, you should first make arrangements for the transportation of your possessions within the City.