Rental Market Sizzles
NY Metro America's Most Expensive Rental Area 2006 [Forbes] 8/17/2006
"As in 2005 the New York metropolitan area, which includes New York City and its surrounding counties, topped our list, with an average price of more than $27 per square foot for a high-end apartment.
In Manhattan specifically, the average rent came in at a whopping $48.33 per square foot — an estimate supported by July figures from Citi Habitats, a New York City-area real estate agency. The median monthly rent for a studio apartment in Manhattan is more than $1,900, according to Citi Habitats. If it's a three-bedroom spread that you're after, prepare to fork over somewhere in the neighborhood of $5,000."
Rents Are Rising Rapidly after long lull [NYTimes] 8/19/2006
"Mike Gain, the co-owner of a property management firm in Seattle, took a step this spring that he had avoided for years: he raised rents."
"This kind of shift is under way in many cities across the country, including Atlanta, where rents actually fell from 2003 through the first half of last year, as well as Cincinnati, Dallas and Phoenix. The only region of the country that is resisting the trend is the Midwest, where industrial job losses and other factors continue to hold rents down.
According to government data, in both June and July average rents across the country were 3.5 percent higher than a year earlier, the steepest gains in almost four years. And it is feeding into a broader rise in inflation."
"In New York City, where a steady stream of young arrivals, limited space and rent controls limit the supply of available apartments, rents never fell as they did in many other cities. Now they are advancing at a much faster clip. "
Rental Market Sizzles [NYSun] 8/10/2006
"With the census projecting 1 million new residents moving into New York during the next 10 years, he added, "These people will have to live somewhere, and this dynamic is pushing rents up."
Ofer Yardeni, the managing partner and co-founder of Stonehenge Partners, a company that owns and manages more than 2,000 rental apartments in Manhattan, agrees.
"With vacancies hovering around 0%, demand for rental housing going through the roof, and rents being increased by over 25% in the last five months, owning a residential rental apartment building in Manhattan is a better investment than owning treasury bills," he said."
Looking for an Oversized one bedroom? 8/18/2006
At Glenwood's GrandTier, 1930 Broadway, across from Lincoln Center an oversized one bedroom that can be converted into a two bedroom is asking $6,095/mo.
Glenwood's Grand Tier
"As in 2005 the New York metropolitan area, which includes New York City and its surrounding counties, topped our list, with an average price of more than $27 per square foot for a high-end apartment.
In Manhattan specifically, the average rent came in at a whopping $48.33 per square foot — an estimate supported by July figures from Citi Habitats, a New York City-area real estate agency. The median monthly rent for a studio apartment in Manhattan is more than $1,900, according to Citi Habitats. If it's a three-bedroom spread that you're after, prepare to fork over somewhere in the neighborhood of $5,000."
Rents Are Rising Rapidly after long lull [NYTimes] 8/19/2006
"Mike Gain, the co-owner of a property management firm in Seattle, took a step this spring that he had avoided for years: he raised rents."
"This kind of shift is under way in many cities across the country, including Atlanta, where rents actually fell from 2003 through the first half of last year, as well as Cincinnati, Dallas and Phoenix. The only region of the country that is resisting the trend is the Midwest, where industrial job losses and other factors continue to hold rents down.
According to government data, in both June and July average rents across the country were 3.5 percent higher than a year earlier, the steepest gains in almost four years. And it is feeding into a broader rise in inflation."
"In New York City, where a steady stream of young arrivals, limited space and rent controls limit the supply of available apartments, rents never fell as they did in many other cities. Now they are advancing at a much faster clip. "
Rental Market Sizzles [NYSun] 8/10/2006"With the census projecting 1 million new residents moving into New York during the next 10 years, he added, "These people will have to live somewhere, and this dynamic is pushing rents up."
Ofer Yardeni, the managing partner and co-founder of Stonehenge Partners, a company that owns and manages more than 2,000 rental apartments in Manhattan, agrees.
"With vacancies hovering around 0%, demand for rental housing going through the roof, and rents being increased by over 25% in the last five months, owning a residential rental apartment building in Manhattan is a better investment than owning treasury bills," he said."
Looking for an Oversized one bedroom? 8/18/2006
At Glenwood's GrandTier, 1930 Broadway, across from Lincoln Center an oversized one bedroom that can be converted into a two bedroom is asking $6,095/mo.
Glenwood's Grand Tier
$6,095 X 12 = $73,140/yr
posted by rjgny2004 at 3:57 PM
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