New York City, 2010: Year of the Renter?

Excerpts from an article in the NYTimes 21 Jan 2010

“70 percent of 8 million New York City residents live in rentals. Average rents are down by about 25 percent from the market’s height in early 2008; vacancy is close to 2 percent, compared with just under 1 percent in 2007 and 2006; and the city is still losing jobs. As a result, the new buildings are offering a range of incentives to lure tenants, including one to five months of free rent, free gym memberships, American Express gift cards and even free iPods. Rents have already dropped to the levels they reached in 2000, and the influx of apartments is expected to keep them there.”

“At least 16 new rental buildings are expected to open in Manhattan in coming months, ranging from small buildings to 500-unit high-rises, for a total of more than 3,500 apartments. Brooklyn will get an additional 3,500 new apartments as well, including units in some buildings that opened in late 2009. New studios in the Hudson Yards area [Manhattan] could start at $2,000.”

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