On September 19, 2007, The Wall Street Journal reported that construction of new hotel rooms is expected to decline by about 1% in 2008 because of the tightening credit market and possibility of recession. New York’s vacation accommodation market, which includes hotels and vacation apartment rentals, has been red hot over the past several years with prices and occupancies increasing faster than in many cities around the country.
While large hotel developers need a longer time to react to a changing market, owners of furnished accommodations have more flexibility for their property use. Based on current market conditions, the vacation accommodation market in New York has several factors that help make it impervious to this national shift in the industry, including:
· A large portion of foreign travelers who bring currencies other than the dollar to New York
· A long-standing lack of supply of available rooms and apartments available for rent
With these market conditions, New York Habitat continues to increase our inventory of vacation accommodations and plans to continue finding new properties to offer throughout 2008. If you are interested in listing your apartment fill out the form online or call us at (212) 255-8018. If you would like more information about the market, read our New York Furnished Apartment Market Report. For investors read our Tips about: Furnished Apartment Investments in New York
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- New York Furnished Apartment Market Report - 1st Half 2007
