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Not sure where this came from....
Vacancies rising in Manhattan
- Where'd everybody go? Vacancy rates in Manhattan's rental market rose in July for the second month in a row, according to brokerage Citi Habitats—an unusual uptick for the busy summer season. Vacancies were at 1.2% last month, a 0.19 percentage point increase from June. Astronomical rents played a role: Average Manhattan rents hit $3,459 per month in July. [Crain's New York Business]
:: http://www.crainsnewyork.com/article/20120809/REAL_ESTATE/120809882>Vacancies
And will probably go higher
So, where did everybody go? People leaving Manhattan?
people leaving the city and some moving in together.
When rents get too high, people buy co-ops and condos. Then prices get too high and people rent. It's a continuing cycle.
Median rents for 3500/mo is just insane. Not sure how many people can continue paying with most nofee places only allowing 40x rent for base salary- this would mean 140k base pay (excluding guarantors). If this kinda money is required, you'll probably see more 1bd/1ba rentals converted into 2bd/1ba with pressurized walls, no living room, for singles.
Thought that was illegal
when vacancies rise, rents come down, especially if rents are to high relative to incomes...
then prices of owned properties fall
duh
too high (stevie wonder)
I know loads of young professionals that could stay in Manhattan if they wanted, but are all moving to Brooklyn because the prices are just stupid. Not a math equation, just can't physically stomach the idea of paying $3500 for a crappy one bedroom or having to live in Murray Hill.