Rental Housing Virgins Storm Manhattan
[NYTimes] 8/24/06
It’s late August, and an annual Manhattan roundelay is winding down. The new college graduates have been pouring into town from all over the country since June, short of money and time but long on hope, specifically the hope of finding a safe haven on this island, which is to say a legal rental for under $1,500 a bedroom. (Williamsburg and beyond is a bridge too far for much of this crowd.) With vacancy rates at 0.78 percent, and rental prices up 15 percent over last summer, “these apartments are in high demand and usually disappear within 24 hours,” said Gordon Golub, senior managing director at Citi Habitats, the largest rental agency in the city.
“Year by year for the past three years,” he continued, “there has been more and more hiring by large firms at the entry level. And so within a tight rental market, this particular market is extremely tight.”
It’s late August, and an annual Manhattan roundelay is winding down. The new college graduates have been pouring into town from all over the country since June, short of money and time but long on hope, specifically the hope of finding a safe haven on this island, which is to say a legal rental for under $1,500 a bedroom. (Williamsburg and beyond is a bridge too far for much of this crowd.) With vacancy rates at 0.78 percent, and rental prices up 15 percent over last summer, “these apartments are in high demand and usually disappear within 24 hours,” said Gordon Golub, senior managing director at Citi Habitats, the largest rental agency in the city.
“Year by year for the past three years,” he continued, “there has been more and more hiring by large firms at the entry level. And so within a tight rental market, this particular market is extremely tight.”
posted by rjgny2004 at 11:37 AM
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