Rental Competition - Midtown Manhattan; UES; UWS (apartments, rental market)

[montgomery212]

What does rental competition look like in Manhattan right now – esp. midtown; lower midtown (down in the 20s/30s), UES or UWS (up to the 90s) – specifically for $2000-3000 studios in doorman buildings. Not for particularly fancy or new buildings, but the typical buildings that young professionals look to get studios in when they first move to the city?

Lived in NYC for 9 yrs but only rented apartments twice –2005 and 2008 (weeks before the crash). In both cases, it was a hustle – saw apartments that weren’t available a day later so I had to have my stuff ready and apply quick. Is it still the same or are properties sitting on the market longer?

Vaguely considering a rental property in those areas, and the costs would be huge between mortgage; maintenance/common charges; taxes; property manager – since I’m not in NYC etc. It could be a money losing proposition in the short term in order to generate income later in life (or if there’s appreciation – sell – though I don’t know how much one can count on appreciation). In order for it to be at all workable though, the property needs to be occupied all the time and the time between tenants needs to be short. Would love an idea of what folks are seeing in the rental market lately.