My parents are considering buying a 1-bedroom apartment in Manhattan in the coming months. They are looking to "park" some money in real estate and want to buy in NYC since I will be living here starting in the summer. They will rent out the property if I end up leaving the city in a few years.
For context, I will be working at a large cap PE firm starting in the summer and will be working midtown. I would be living in the apartment and covering property tax, maintenance costs, etc. The alternative is I rent and live with a roommate, which I could easily afford (and I feel would be the most rational choice) but my parents seem set on wanting to do this.
A few considerations and thoughts:
- What do you think of buying a 1-bed apartment in Manhattan in the current real estate environment in the city?
- What areas would you recommend?
- What areas would make it easier to find a tenant if I were to leave NYC in a few years?
- Somewhat related to the first question, how have 1-beds in Manhattan appreciated compared to studios and 2-beds in the past?
- I think we exclude co-ops since they wouldn't allow renting out if I leave the city, right?