Glyn Ramsay. Home Design. November 24th , 2017.
Although I had done my best to winnow my list, I still had too many communities to evaluate in detail within the weeks deadline I had set for myself. I also knew that the kind of evaluation I needed to do would require more than a seat-of-the-pants review of the various apartment websites and paperback guides that I had at my disposal. It was time to get out in the field and kick a little dirt and wrestle with some bricks and mortar.
Next, determine what you can afford, landlords make this part easy because to qualify for most apartments in the Big Apple, you need to have a good credit standing (650 or above), earn a yearly household income of 40-50 times your monthly rent and if you dont, then you need a guarantor. He or she needs to earn 80-100 times the monthly rent. For example the average one bedroom apartment in East Village is about $2,300 -$2,600 per month; you will need annual household income of $92,000 to qualify and a guarantor, would need a yearly income of $184,000 minimum.
In previous times, real estate agents and property developers focused more on offering stand-alone houses for sale. But now, with the limitations highlighted above, these developers have looked to offer those who want to buy home units the option of choosing from luxury apartments. It has been found that the demand to buy apartment that fall into the luxury category comes from the Sri Lankan community as well as foreigners. Such investments made in relation to own properties in Colombo area have also shown high increase in popularity. As per the statistics gathered up until 2015, there have been close to over 2600 luxury apartment units and it is further estimated that this number could reach close to 6000 units by 2019. Such luxury units are also found to be available for those who wish to rent an apartment, giving rise to more and more apartments for short term rent being offered.