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New NYC Trend – A Friendly Rental Market
March 10, 2009 by seema.aggarwal · Leave a Comment
It was a fairly quiet change because many renters weren’t looking for it: the NYC rental market has become increasingly tenant-friendly in the last few months. For years, renters were giving up on the hopes of a changing tide. But times have changed, and the market has turned.
Take this listing for instance:
This one bedroom / one bathroom off of Fifth Avenue would have fetched $2700/month last year based on comparables within the building. Now, the owner is forced to offer it for $1999/month with one month free if rented in March. That is a decrease of $868/month or $10,416/year in rental income.
More articles on the NYC rental market:
The Real Deal, March 10th
New York Times, March 7th
Seema Aggarwal is everything-you've-wished-for-but-never-had in a real estate professional. She has been focused on New York City real estate exclusively for years with Corcoran, buying, selling, renting, and investing... 