Friday, November 30, 2007

The Changing Market for Rentals

Even with a host of new rental developments over the last three years, at a time where high construction costs are making developers turn to new condominiums, there is a dwindling supply of rental units in the city right now. Many of the buildings you see are converting to condominium or co-operatives. We lost over a quarter of a million rental units in 2006 to this type of conversion.
Finding adequate housing is tougher than ever due to this alone. Coupled with the increase in population due to new hires, relocations, births, etc., you can see the dilema. Where are we all going to live? There are more new condominiums going up in Manhattan than anywhere in the world except China.

Here is a snapshot of the average current market rents as of today.
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Friday, November 30, 2007 - Average Asking Rents

Figures reflect active listings across New York.
Downtown Midtown Uptown UpperMhtn Brooklyn Bronx Queens
Studios $2,548 $2,412 $2,039 $1,242 $1,348 $974 $1,471
One Bed $3,516 $3,716 $2,755 $1,549 $1,927 $1,053 $1,757
Two Beds $5,755 $6,192 $4,663 $2,141 $2,416 $1,538 $2,529
Three Beds $10,756 $11,967 $6,945 $2,455 $3,131 $1,937 $2,940
Four Beds $17,167 $21,792 $11,162 $3,384 $4,102 $1,500 $2,500
Loft (0 Bed) $6,772 $3,540 $3,198 $2,070 $3,000 $4,000
Loft (1 Bed) $6,231 $7,175 $3,409 $1,850 $3,153 $2,137 $3,331
Loft (2 Beds) $9,601 $7,000 $3,700 $3,900 $5,075
Loft (3 Beds& Up)$15,759 $12,373 $3,600 $4,150

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