Rents on apartments for rent in New York keeps rising.
Again apartments for rent in New York are rising once again. In a market where the value of homes are falling the rents throughout the nation are rising. As the rate of construction on new homes has decreased and the lost of jobs in this field has slipped. There is one group of people who are gaining from all this, landlords. The search of apartments for rent in New York has increased once again. There are not many new buildings being erected anytime soon. The available apartments for rent in New York are going fast. A new report has come out in January and rents have increased more than 2.4 percent form a year earlier. Not only has increased but the vacancy rate is down to 5.2 percent. That means less apartments for rent in New York is harder to find. According to the research from Reis Inc. this is lowest it has been in over a decade.
Where are these increases being seen. Most of them are occurring in cities where there is a huge demand in jobs for technology. These cities would be places like San Francisco, Boston, and New York. This has been a huge change for this nation. A nation where the American dream has always been to buy a home to call your own. Lately we find ourselves searching for apartments for rent in New York. Nearly 60 percent of job gains in the last two years have gone to people who are 20 to 34, a crucial rental group, according to an analysis of Labor Department data by G. Ronald Witten, a consultant to apartment companies.
So how long could this last for apartments for rent in New York?
Some experts say this could last at least another year. Landlords have the advantage at this point. As more jobs continue to grow besides those in the technology field. The more young people start to move out of their parent’s home and into their own places. The percentage of home ownership has been falling as well from 69.4 percent in 2004 to 69.4% bt the end of the 4th quarter of 2011. Those that have left their home are either now renting or moving into vacant foreclosure homes.
On a side note one has to realize besides construction workers that are left without jobs are also are a whole slew of other jobs not being hired. There are architects, expediters, abatement workers and many more who are out of work. Anyway until next time.
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Published: March 9, 2012, 12:31 | Comments Off on Rents on apartments for rent in New York keeps rising.