On April 26th, 2007 the New York Sun featured an article titled, “A Global Boom Converges on the New York Market.” The author, Michael Stoler, detailed the advantages of investing in New York properties.
Today we look at the advantages of considering investing in a furnished apartment in New York.
Before considering an investment in New York property, it is important to consider a few key questions that will help you to determine if a furnished property rental could be your best choice:
- Q: What sort of involvement do I want with the investment?
New York Habitat’s Tip: Furnished rentals tend to be more active investments because there is more turnover in clients. - Q: What is my objective from the investment?
New York Habitat’s Tip: The objective is less important but one advantage of furnished rentals is that you can also use the apartment when you come to New York. - Q: What is my budget?
New York Habitat’s Tip: The great thing about furnished rentals is that the budget is flexible. For $300,000 and up you can find single apartments and if your budget is higher you can consider entire buildings or several units in a building.
Once you answer these questions, you will have a better idea whether a furnished rental apartment makes sense for you.
The advantages of offering Furnished Rentals include:
- Ability to use the apartment when you travel to New York
- Higher rates of return versus unfurnished rentals (Rental costs remain high in New York)
- Strong demand for short-term housing options (Global Tourism: High demand for accommodations)
- Ability to convert to unfurnished housing at any time
New York Habitat would be happy to speak with you about the benefits of investing in furnished properties and one of our listing agents can give additional tips on what types of apartments make the most sense for each type of investor.
To read more about listing your apartment: Tips from the Pros: How to list your apartment
Related apartment rental posts from New York Habitat:
- Real estate market: New hotel accommodations may become less common in 2008, but will the boom continue in New York?
- Inman Real Estate Connect NYC
- Read the 2007 Paris Furnished Apartment Rental Market Report
April 27th, 2007 at 11:25 pm
Now if prices would just ease a bit in New York like they have in the rest of the US I would be the first to invest
May 1st, 2007 at 4:50 pm
Interesting article.