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Revision as of 20:34, 31 August 2011
, 20:34, 31 August 2011no edit summary
[New York Has the Lowest Vacancy Rate in the Country][http://www.kvny.com link title]
The apartment vacancy rate in New York City continues to be the lowest in the nation, according to a new report. That’s great news for landlords, but bad news for renters’ pocketbooks.
Only 2.8% of the city’s apartments were vacant during the second quarter, according to a report by Marcus & Millichap, real-estate investment firm. Minneapolis came in second in the nation for low vacancy rates at 2.9% and San Jose was third at 3.2%
Potential homeowners who are opting to rent rather than buy are in part driving the lower vacancy rates. Pent-up demand from young people who were living with their parents but are now moving out also added to the city’s crowded apartment market, he said.
As a result, the average monthly rent in the city increased to $2,749 in the second quarter, or about $47 less than the high reached in 2008. Forecasters are saying median rent in the city will reach $2,895 for the year, surpassing the 2008 high.
Whether New York is able to keep up with its run of rising rents is unclear with the turmoil in the stock market and the uncertainty created by the debt deal fight in Washington.
A separate report that looked only at July’s apartment rentals in Manhattan indicated some softness in the market. A recent report said the average Manhattan apartment rented for $3,358 in July, down from $3,372 in June, according to brokerage firm Citi Habitats. Manhattan’s vacancy rate in July was 0.86%, up from 0.69% in the previous month. But, if the economy falls back into a recession, historically the vacancy rates do rise and rents become more negotiable.
{{QuickAdd
{{QuickAdd
| Address = 189 Sullivan St
| Address = 189 Sullivan St
| Phone =212-377-5757
| Phone =212-377-5757
| Email =info@kvny.com
| Email =info@kvny.com
| Web =http://www.kvny.com
| Web =[http://www.kvny.com]
| Contact ='''Tamir vidal'''
| Contact ='''Tamir vidal'''
| Title =apartment rentals & sales nyc
| Title =apartment rentals & sales nyc
