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. The New York vacation rental 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. Read the entire story here…»
New York Habitat is proud to release the first in its series of semi-annual furnished apartment market reports. The first one covers the New York market and information on furnished apartments, vacation rentals and roommate share units our company has to offer. The report is available at the Furnished Apartment Market Reports section of our website.
“During its 18 years of service, New York Habitat has built a vast domestic and international clientele,” says Vice President François Roux. “We are proud to present specialized information about furnished apartment rentals that is of interest to real estate investors, leisure travelers, corporate professionals and exchange students.” Read the entire story here…»
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. Read the entire story here…»
In 2006, New York Housing costs rose by 6.5% as the supply in the market remained tight with an average vacancy rate between 1% and 2%. The 6.5% increase in housing costs was the largest since 1989 and was caused by several factors, including the low level of vacancy, the low percentage of new constructions that were rental units, and the fact that New York City’s population continues to grow. By 2030, Mayor Bloomberg expects that the population in New York will grow by at least a million people.
New York Habitat is well aware of the tight housing market and constantly monitors pricing trends to ensure that apartment rentals in New York are offered at appropriate rates. Visit our pricing page, which details the current average prices for apartment rentals in New York. Furthermore, when traveling to New York, remember to consider other neighborhoods, plan in advance for the greatest selection and consider all options to find the best apartment to suit your needs.
Inman Real Estate Connect NYC: Working with other brokers a key to success
This week New York Habitat visited the Inman Real Estate Connect NYC conference to learn about trends in the Real Estate industry and to meet other Real Estate Professionals.
One important topic, which was discussed at Inman Real Estate Connect NYC, was the importance of working with other brokers and other Real Estate Professionals. New York Habitat understands the importance of working together in the New York dynamic market because you never know who will have the right apartment for a specific client or who might have the right client for your apartment. We pride ourselves on providing the best possible service to our clients; therefore utilizing every possible method of reaching this goal is of importance to us. Read the entire story here…»
New York Habitat offers a value priced alternative.
In the October 2-8 2006 issue of Crain’s New York Business the headline reads “Rising hotel rates price visitors out.” The story notes that hotel price have increased 11% since the beginning of 2006 to an average rate of $241 a night while the authors expect that room rates may top $300 a night in the fall and holiday seasons.
The article notes that because of increasing room rates, the number of tourists able to visit New York has begun to drop because the value priced hotels in the $125 to $175 price range have experienced some of the sharpest price increases (15.5% since the beginning of 2006).
While prices have soared at Manhattan Hotels, New York Habitat continues to offer high quality apartments in every neighborhood of New York City in all price ranges. Whether it is a trendy East Village studio for $230 a day (NY-4026) or a luxurious one bedroom in Times Square/Midtown West for $405 a day (NY-12046) our offerings offer significant value in a market. The typical rates (per night) for New York Habitat apartments are shown below though prices vary on individual apartments.
- Studio………………….$115 to $225
- One Bedroom…………$155 to $325
- Two Bedroom…………$250 to $470
- Special Apartments…..$300 and up
So if you are planning a stay in the city, why not contact New York Habitat to book a quality New York vacation rental in the neighborhood of your choice.