any idea of the rentals inventory?
Started by newyorker10028
almost 17 years ago
Posts: 5
Member since: May 2008
Discussion about
We have numbers about the increasing of the sales inventory now over 11.000 units. Where is the rentals inventory going?
My subjective feel is that there are a lot of rentals out there, especially as I look through my saved list of private condos and coops.
Rental companies (especially Brodsky)only list a few apartments in each building - you have to go the buildings or call the rental offices.
For Archstone, here's a list provided by NYBits.com:
http://www.nybits.com/managers/archstone.html
as far as I know the rental market in going to drop till the end of the year because of:
-developers are leasing unsold units to increase the cash flow trying to repay the short term mezzanine debt
-manhattan unemployment rate increse and wage/bonuses decrease
-people are relocating elsewhere so less demand in rentals
I'll look for same update numbers about rentals inventory and get back to post it
The last bullet is actually untrue - NYC actually GAINED people in 2H2008, there was just a story on that all over every paper, CNN, etc, on states/areas loosing and gaining people. Surprisingly, NYC was not loosing. But yeah rents will go down for the other reasons. Especially in Manhattan.