New York Furnished Apartment Market Report 2nd half and full year 2008
Earlier, we learned about 2008 first half New York’s Furnished Apartment Market Reports.
2008 was one of the most volatile years in the New York furnished apartment market making the 2008 Furnished Apartment Market Report all the more valuable. This report, the 4th in our series, details the market conditions in the 2nd half of 2008 as well as details for the full year.
The report looks at key points in the market in 2008 versus results from 2006 and 2007. Furthermore, the report makes predictions about 2009. The following are some key trends seen throughout the report:
• A strong 1st half but a much weaker 2nd half for all of the segments of the New York market
• Prices stabilizing with lower rates of increase in average rental rates and signs that prices may decline in 2009
• A weak outlook for 2009 with the entire world in a deep recession
To see all apartment listings throughout New York City visit : The New York Vacation Rental search, The New York Furnished Rentals search and The New York Apartment Share search. Read the entire story here…»
New York Habitat 1st half 2008 Furnished Apartment Report
Earlier we read about the 2007 New York Furnished Apartment Market Report.
New York Habitat continues it market report series with the release of the 1st half 2008 New York Furnished Apartment market report. Our report covers the following divisions: furnished rentals, vacation rentals and roommate share apartments. We continue to be proud to be able to offer you details about the current market conditions related to our business. To read this report visit: New York Furnished Apartment Market Report site.
In the 2008 1st half market report we compare date from the 1st half of 2006, 2007 and 2008.
Trends are explored and predictions are made for the 2nd half of 2008 and the into 2009. The following trends are noted in the report:
• Strength in the vacation rental and roommate share markets
• Continued growth in Brooklyn, Uptown, Manhattan and Queens
• Future uncertainty with the world economy suffering from the credit crisis
To see all apartment listings throughout New York City visit : The New York Vacation Rental search, The New York Furnished Rentals Search and The New York roommate share search. Read the entire story here…»
New York Accommodation 1-bedroom Tribeca (NY-12061)
When in 1604 the Dutch sent Henry Hudson to America to find the Northwest Passage, he found Native Americans who lived on the Island that is now called ‘Manhattan’. Twenty years later, the Dutch bought the land they found from the Indians for a few US Dollars. More and more Dutch arrived in Manhattan in the coming years and the Island was soon to be called: ‘New Amsterdam’.
After the Duke of York took ‘New Netherlands’ from the Dutch in 1664, Manhattan got named ‘New York’ and its name has never changed.
Now, almost 350 years later, Dutch history is still present in Manhattan. Great examples of this are the now called ‘Hudson River’, named after Henry Hudson, The street ‘Amsterdam Avenue’: One of the longest streets in Manhattan, and the famous Brownstone houses that are mainly located in Harlem, the Upper East Side, Upper West Side and a few in the West Village. Read the entire story here…»
Street of Midtown West
Being a real estate agency, we are always concerned with what is going on in the market today. High-rises that are being built, the ‘images’ of the different neighborhoods that are changing…even logistical changes in subways and roads play an important role in our ability to find the right apartment for you!
Recently, a new plan to rezone part of New York City’s west side has been interrupted: a big thing for many New Yorkers.
Mayor Bloomberg once called it “the single most important economic project that this city has undertaken in decades”, and it was created, mainly to attract the 2012 Olympics to New York City. Bloomberg’s ambitions to redevelop West Side Manhattan, transforming warehouses, factories, parking lots and railroad tracks between Penn Station and the Hudson River seem to be in danger, even more now the economy is shaking.
The New York Times recently posted an article on their website stating that the redevelopment problems of West Side Manhattan were caused by logistical problems, the economical ‘dip’ and, according to critics, “flaws” in the design of the Redevelopment Plans. Read the entire story here…»
Photo of Harlem's Apollo theatre
Famous for its cultural institutions, such as the Studio Museum and the Apollo Theater, its shopping district and for its multicultural community, 125th street in Harlem is going to be rezoned if it is up to the New York City Department of City Planning. New York Habitat is keen to share with you what is happening in the neighborhood so you can find the perfect apartment.
To support the ongoing renewal of this main street in Harlem, 24 Blocks along the 125th Street are going to change, with the two of the main goals to strengthen the continuity and maintain the unique character of this street.
At this moment, the neighborhood consists of many townhouses with few highrises in the area. The plans keep the townhouses intact however, the plan will change the character and the street scene of the neighborhood drastically and has already caused a lot of commotion and discussion among current residents.
Plans are to increase the number of people (residents and businessmen) in certain areas, residential use will be more strongly encouraged, and visitors and nightlife in this area will be encouraged to grow. Highrises will be constructed and about 1.8 million square feet of new commercial retail space will be developed. As a consequence, real estate values will likely increase, possibly causing some small businesses to disappear because they can no longer afford the higher rents. Read the entire story here…»
New York Furnished Apartment Market Reports
Previously, we learned about New York’s Furnished Market Report for the first half of 2007.
New York Habitat continues it market report series with the release of the 2nd half and full year market report for 2007 New York Apartments. Our report covers the following divisions: furnished rentals, vacation rentals and roommate share apartments. We are excited to offer you an opportunity to see more information about our company and look forward to hearing your reaction to the report. To read this report: New York Furnished Apartment Market Report.
In this report we look at data and analysis for the results of the 2nd half of 2007, compare that to the 1st half of 2007 and provide the full year results. Some of the graphs in the report include:
- Length of stay averages
- Average, median and mode prices by apartment type
- What types of apartments were chosen
- Neighborhoods selected
- And much, much, more
The company’s founder Marie-Reine Jézéquel comments on the 2007 market by saying, “2007 has been an interesting year, laws regarding short-term rentals in New York City continue to toughen and our legal team has worked to ensure that all of our new apartments meet the necessary requirements.” She goes on to say that, “For 2008 we will continue our push to offer the best alternative accommodation options in New York City.”
Visit our website New York Apartment search to view all apartment listings in New York City including Manhattan, Brooklyn and Queens. Read the entire story here…»
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.