7. 1st Half 2010 Furnished Apartment Intro
In the 1st half of 2010 the furnished apartment market made a surprising turnaround and had one of the best half years on record. The numbers were up 65% compared to the 1st half of 2009, during the worst part of the recession while prices were also able to increase slightly compared with 2009, though prices still remained closer to 2005 averages instead of 2008 averages. The future looks bright for the furnished rental business in New York as many of the cities big employers including the finance/banking industry, advertising/marketing industry and law industries have seen rebounds compared to the 2009 bottom of the market.
New York Habitat has been offering furnished apartments in New York City since 1989 and continues to offer one of the most diverse selections of furnished apartments for rent from 1 month to 1 year or longer. With the knowledge gained over 21 years in the market, we present the New York Furnished Apartment Market Report that covers details about the market including pricing, neighborhood popularity and more.
Some major trends occurring in the 1st half of 2010 include a major rebound in the number of rentals of furnished apartments compared to 2009, a slight increase in the average price of furnished apartments in New York and a continued shift to more rentals in the areas of Harlem / Uptown, Manhattan as well as Brooklyn and Queens.