The Availability of New York Flats for Rent

The housing cost in New York City is spiraling upwards with inadequate supply of affordable housing emerging being a serious issue. Affordable housing is the biggest issue in the city and as a remedy; the state government is offering tax incentives to encourage New York real estate developers to build projects with less expensive units that may well not otherwise be built. However, the New york real estate developers of five Manhattan luxury towers want subsidies without including affordable housing. The demand for New York apartments for rent continues to surge.

 As per the Reis reports, it is estimated that almost 4% of the actual U. S. apartments nationwide were vacant within the second quarter involving 2013.The average apartment vacancy rate nationwide fell by 10 basis points in the third quarter to 4. 2 percent. The report also noted that the weak economic recovery and the job market have been hindering robust lease growth. That pushed in the rents by three percent this holiday season.

The national vacancy rates now stand at 380 foundation points, which is below the cyclical top of 8 percent which is observed right following the recession that ended just last year. Coming to the actual Manhattan borough, the preliminary third quarter data show that the median price associated with Manhattan apartment for sale rose by 3% over the past year (2013) to be able to $870, 000 that is its highest amount in over a number of years.

The median listing price increased by 5. 8% since six months ago and through 9. 5% since year ago. The general inventory declined simply by 20. 7% when compared with six months in the past. The biggest declines in inventory occurred in the Upper West and Upper Manhattan. Within Manhattan, there have been 26. 1% fewer new contracts in comparison with six months previously but 21. 4% a lot more since 2013.

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