The 1st half of 2009 hit the New York Real Estate Industry hard
New York (PRWEB) August 12, 2009
New York Habitat is proud to release its 1st half of 2009 Furnished Apartment Market Report. With the economy facing one of the most challenging times in recent memory, this report brings into perspective the challenges in the current market and offers advice for owners and renters in New York City. A comprehensive review of this report will offer the necessary insight to thrive in this challenging real estate market.
The 1st half of 2009 was decidedly down for the New York Real Estate market and this report includes all of the details with regards to vacation rentals, furnished apartments and apartment shares. Throughout the 1st half of 2009 the number of rentals and prices were falling across all segments of the industry covered in the report, but what we saw is that in the areas where prices fell the most the number of rentals declined the least. Therefore, we have strongly encouraged owners to drop their prices to market bearing levels to keep demand for apartment rentals strong and keep occupancy levels higher. The greatest success we had was with the Furnished Apartment segment where prices fell by about 15% and the number of rentals also only fell by 15%. In other divisions, prices were down 10% or less and the number of rentals dropped by 30% or more. All of the details of this report as well as previous reports can be found on the New York Furnished Apartment Market Report webpage.
The report contains details, charts, graphs and analysis of the company's three core business segments:
- New York Vacation Rentals (from 3 to 30 days)
- Furnished apartment rentals(from 1 month to indefinitely)
- Apartment share accommodations(from two weeks to indefinitely)
For each business unit we look at some of the most important statistics including average price, neighborhood rented, length of stay and size of apartments rented. You can find all of the details and more in the 1st half of 2009 Furnished Apartment Market Report. Furthermore, the report has comparative data from the 1st half of 2007 and 2008. To see data from previous years, check out the 2007 and 2008 1st half Furnished Apartment Market Reports
For additional perspective on the market, market report creator Brian Lowenberg says, "The 1st half of 2009 hit the New York Real Estate Industry hard" He goes on to say that "Wise apartment owners quickly lowered their prices in response to the economic crisis but those that did not saw very few bookings compared to the previous years."
Check back again in February 2010 for the full report on the 2009 market as we continue to update you on the latest trends in the vacation rental, furnished apartment and apartment share markets in New York City. Our 20 years of experience in New York allow us to give you one of the most detailed looks into these markets. Our intent is to provide you with the details you need to make informed decisions about renting an apartment, buying an investment property or renting out your apartment in New York. If there is any further information that would help you in these endeavors, feel free to contact our team, we would be happy to help.
New York Habitat is a fully licensed residential real estate agency with 20 years experience in the furnished rental market in New York City. The company also offers furnished accommodations in Paris, London and the South of France. The company's expertise is in serving the needs of clientele from around the world via offices in Europe and America. Additionally, our core competencies include a multi-lingual staff and a team that is up to date on the latest market trends. New York Habitat strives to offer the best selection of apartment rentals in the market and offers thousands of accommodation options. To search our apartments in New York, visit out New York apartment page.
Feel free to contact New York Habitat with any questions and comments about the report at marketreport (at) nyhabitat (dot) com. To view previous reports, visit the Furnished Apartment Rental Market website of New York Habitat. Remember to check the New York Furnished Apartment Market Report Website in February 2010 for the next update on the New York Furnished Apartment Market Report.