Property rent prices will rise in Manhattan
Those who want to rent apartments in Manhattan this season are expecting high prices. According to Citi Habitats, rent prices fell 1 percent from November to December 2018. However, he reported that this is still an average of $ 2,475 for studios and $ 3,177 for a bedroom.
Meanwhile, Douglas Elliman said the average rent fell by 0.3 percent. However, as a result it was $ 2,687 for a studio and $ 3,557 for a bed.
Jonathan Miller, CEO of the real estate appraisal firm Miller Samuel, which compiles the Elliman reports. At the same time, few properties are opening in the affordable market, a term Miller said now refers to the middle class rather than just subsidized housing.
That means the prices for apartments in the lower end are being driven up by demand. Plus, though rents are dropping, they’re falling from record-highs, so they’re still expensive, he said.
“Because of land prices, development is more expensive than ever and developers build what’s economically feasible, so they can’t build affordable buildings like they used to,” Miller explained.
Citi Habitats President Gary Malin added that high prices should benefit property owners. According to the company, Manhattan’s vacancy rate increased from 1.55 percent in November to 1.6 percent in December.
Empty places often climb in winter because people don’t want to move in the cold. Malin said that homeowners who want to fill empty spaces should re-evaluate their prices.
Melike Vodina / realestatecoulisse.com