Summer Real Estate Rentals, Sales 'Booming, Says Manhattan Apartments , Inc.

For the usually slow summer months, July saw the highest monthly revenue growth and number of leases signed in the 20 years the firm has been in business. Net commissions from rentals for the month increased 10.7% from July of 2003, while gross commissions were up 10.1% compared with the same period last year. Sales commissions for July increased 59% over July 2003.

NEW YORK (PRWEB) August 17, 2004 -- Who says the real estate market is slow in July and August," commented Jerry Weinstein, founder and CEO of Manhattan Apartments, Inc., a leading brokerage for apartment sales and rentals in Manhattan.

July saw the highest monthly revenue growth and number of leases signed in the 20 years the firm has been in business. Net commissions from rentals for the month increased 10.7% from July of 2003, while gross commissions were up 10.1% compared with the same period last year.

Sales commissions for July increased 59% over July 2003. For the three month period (May, June and July) ending July 31, sales rose 70% over the same period last year. Overall growth for the company for this 2004 period was 20% over the same period a year ago.

To date, August revenues far exceed revenues for August 2003 in both Sales and Rentals.

At the Manhattan Apartments, Inc. offices on West 57th Street, there is a wait of 15 minutes just to get onto its three floors of rental offices, which are packed with potential renters every day.

According to Weinstein, Due to the effects of an already slowing economy and the devastation of 9/11, the period March 2001 through the end of 2003 experienced the highest apartment vacancy rate of the past 20 years, as the Manhattan apartment market typically is demand driven. However, since April of this year we have seen a surge in business that has eclipsed all previous years. Although the sales market in the New York area is booming, due to the high prices for homes renting is often the only viable option for many people, particularly those who wish to live in Manhattan. About 70 percent of Manhattan's residents are renters, the highest percentage in the nation."

About Manhattan Apartments, Inc.
The Quiet Giant" of the real estate industry, Manhattan Apartments is a 20-year-old company that offers sales, rentals and investment properties, four floors of state-of-the-art offices in one central location, and 200 brokers, many of them fluent in languages from Portuguese to Serbian.

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