The big Covid discounts on New York City rentals may have ended, but the rental deals are not over. While rents on market-rate apartments rise and incentives for new tenants are rapidly diminishing, winning an apartment through the affordable housing lottery is one way to lock in a rent that will save you money year after year.
Once a pipe dream, now many rent-stabilized apartments are available through mixed-income affordable housing programs in brand new buildings. Right now, you can get an apartment in a newly constructed doorman building with high-end finishes and a luxe amenity package at 5203 Center Blvd. Now accepting applications through NYC Housing Connect, the 5203 Center Blvd. lottery offers 534 rent-stabilized studio, one- and two-bedroom apartments on the Long Island City waterfront.
Long Island City is known for its tremendous skyline views, waterfront park, and burgeoning arts scene. Development has expanded into Hunter’s Point South, where visitors will find even more park space including marshlands, walking paths, a kayak launch, play area, and public art installations. With a quick commute into midtown Manhattan by ferry or subway, this neighborhood is very desirable for renters.
Since the apartments are rent-stabilized, you’ll save year-over-year compared to market-rate renters. That’s because landlords of rent-stabilized apartments can only raise rents by fixed amounts, usually 1 to 2 percent annually. Not only does this help you plan and stick to a budget, but the savings can build up over time. For example, if your household makes between $95,898 and $167,570 and you are approved for a two-bedroom apartment through the 5203 Center Blvd. lottery program, you could save up to $122,432 in rent over five years, compared to what you would be paying in rent for the same apartment as a market-rate tenant.
In addition to the financial benefits and long-term savings, residents of 5203 Center Blvd. will have access to a spectacular amenity package and the enjoyment of the living on the Long Island City waterfront, plus the convenience of a variety of transportation options (and parking), as well as lush green-space and many public parks. Amenities at 5203 Center Blvd. include multiple landscaped roof decks featuring BBQ grills and a sundeck, co-working space, a clubroom and lounge, an expansive fitness center with a yoga studio, a spacious children’s playroom with lots of natural light, as well as access to laundry facilities and bike storage.