New York apartments have more vacancies than other areas, leaving landlords to raise rent prices in order to compensate.
(PRWEB) January 30, 2012
As the housing market continues to struggle across the country, individuals who rely on renting are finding challenges of their own. According to Rate NY Apartments, new statistics suggest that apartment vacancies throughout the country are at a ten year low, which has allowed rent prices to skyrocket. In Manhattan, where real estate is especially precious, rent for New York apartments jumped by 9.5 percent in the fourth quarter alone.
For landlords, this rent increase is an issue of supply and demand. As fewer people turn to home ownership, renting is the only viable alternative. Therefore, with more apartment seekers, landlords now have the power to control the playing field. To further complicate this matter in urban markets, people are also looking to save money by renting farther away from the city. This means that New York apartments have more vacancies than other areas, leaving landlords to raise rent prices in order to compensate. With the lingering financial crisis, the housing market is expected to struggle more in the coming year, leading most experts to predict continued rent increases throughout the country.
While this is good for landlords and real estate owners, this news is worrisome for the countless individuals who call a rental home. In addition to the higher prices, renters are often left at the mercy of the landlord on other issues as well. Repair and maintenance may not be prompt, leaving renters with messes that they are not responsible for and cannot afford. Landlords have less motivation than ever to meet the needs of their tenants, and many renters are rightfully wary of moving during times of economic turmoil.
It will take time for the housing situation to improve, but in the meantime, renters should consider the value of apartment reviews. If renting is a necessity, it is important to be aware of the problems and benefits of any given rental. Apartment reviews, by this measure, provide apartment ratings, giving insight into the quality of the landlord, problems with the apartment and more. Apartment ratings can even provide insight into why the previous tenant left, alerting renters to possible problems before signing a lease.
These trends in renting are expected to continue, and renters should be ready for a continued struggle in the market as supply and demand works against them. However, renters can empower themselves through apartment ratings, ensuring that they are at least getting quality service for the higher price. For more information, visit http://www.ratenyapartments.com.