10. 1st Half 2010 Furnished Apartment Types and Lengths of Stay
Type of Furnished Apartments Rented in the 1st half of 2010
When comparing the type of apartments rented in the 1st half of 2010 to previous years the one major thing that stands out is that the percentage of 1-bedroom rentals fell compared to the percentage of studio rentals in 2010. In the 1st half of 2010, 32% of rentals were studios up from 22% in 2009, while the percentage of 1-bedroom rentals fell from 67% down to 52%. This again follows the trend of "cost consciousness," when a studio was acceptable more customers tended to sacrifice space for a lower price.
The average length of stay continued a precipitous decline. Between the 1st half of 2007 and the 1st half of 2010 the average number of nights fell from 85 to 62 over a 25% decrease! Again, one of the main factors here is that customers were trying to be cost conscious, if they were in New York for school or business, rather than taking a few extra weeks for pleasure they would return home as soon as their assignment in New York was complete. The benefit of this is that it has allowed more rentals per unit.