[The Data point of view] Manhattan NY Luxury Apartments For Rent
Living in the heart of Manhattan, New York, is a dream for those who want to be New Yorkers. But when you go to a real estate site and look at the cost of rent, it’s like living only to privileged people.
“Issues By Listly.io” is a series of articles that explores every corner of the world from a more data perspective. We want to observe the ‘real world’ based on the data that we can actually collect. If you look at the world through data, something special may seem ordinary and something ordinary seems special.
Not everyone can live in a luxury apartment in Manhattan, but it might be fun to look at the Manhattan apartment based on the data :)
We used Zillow.com to find out about Manhattan. Naturally, we weren’t looking at every single item, but we used Listly.io. As you already know, Listly.io is a tool that makes it easy for anyone to gather web data via the Chrome extension.
We sorted out real-world Manhattan rents at the highest price, picked up items for sale in the last six months. We totally sampled 1040 cases, and did a simple analysis with Excel and some Python code.
The most expensive apartments were located in the Zip code 10011 area. Of course, the high-end penthouses were around Central Park or in many of the Financial Districts. However, the biggest and most spacious houses with a monthly rent of 15,000/month over 3 beds were the most in the 10011 region.
Looking at the top 50 open spots, the average rent per 100 sqft was $675. This is equivalent to a monthly rent of $ 15,000 for a 2000 sqft apartment with three bedrooms and three bathrooms.
This result is about 1.7 times more expensive than the average rent of $ 390 per 100 sqft of the top 50 locations in the Brooklyn area (mostly close to Manhattan).
Interestingly, you can find other features of Manhattan and Brooklyn when you collect again information under Waterfront option in Zillow.com.
First, an average rental price of $660 per 100 sqft for an apartment in Manhattan’s Waterfront state. In other words, there wasn’t much difference in price between Waterfront and non-Waterfront, in Manhattan.
And among the luxury apartments in the Brooklyn area, the average rent for an apartment in Waterfront is quite high at $ 495 per 100 sqft. This is 1.26 times greater than the Brooklyn-wide average $390 rent for luxury apartments. This is because most of the luxury flats in Brooklyn are situated very close to Manhattan in the west. It’s also because they’ve got a beautiful view or bridge view of Manhattan.
Simply dividing monthly rent by sqft, of course, does not reflect any further information. For example, the number of rooms, the view, the number of floors, parking and traffic conditions.
But collecting hundreds or thousands of data in aggregate and looking at the average, sometimes illustrates that there is a clear gap, even if you exclude those detailed deviations.
That’s an average rent per sqft for Manhattan’s top-end luxury apartments, more than twice the average in New York State and 4.2 times the national average.
