The Financial District was considered to be just a place to work but that is changing as more and more people are getting interested in the residential real estate in this area, and the sign of this spurt is the growing rental rates, which rose up 2.6 percent this year. I guess people do not like commuting, and if spaces to live near to work are available, then people would obviously prefer that.
Platinum Properties that specializes in the real estate of the Wall Street area said that the biggest increase in rent was registered by the one bedroom apartments, which went up by 4.72% from Dec. 31 to a rough average of about $3,038.22. it says that 39% percent of the leases were of one bedroom apartments in the area. Studio apartments on the other hand showed only a modest increase of about 0.72 percent. That way I guess these studio apartments would be a better buy.
Daniel Hedaya, one of the executive vice president of Platinum Properties, said, “The Financial District—most of the area below Fulton Street—hasn’t been known for residential housing. But that is starting to change. The Financial District had a stigma that it was a ghost town after 6 p.m.. but that’s not the case anymore. It’s transitioning from a 9 to 5 neighbourhood into a 24-hour neighbourhood.”