Will rental market get a new lease on life?
July 15, 2008 10:12AM By Melissa Dehncke-McGill
From the July issue: While rentals have historically benefited from a slowdown on the sales side, they too are showing signs of softening, and apartment hunters are looking for bargains. Although rentals vary between neighborhood and apartment size, the question at hand for those who specialize in them is: What kind of lease on life will they have during this economic downturn? For this month's Q & A, The Real Deal talked to brokers who said that while landlords are bending over backwards to maintain their monthly rental prices, they are offering more concessions than they were even six months ago in the form of a month of free rent, wiggle room on move-in dates and perks like free gym memberships.
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Comments
Marc Lewis
Its obvious that the rental bubble that we have seen in the past five years will be very hard to maintain this winter as the jobs are just not here in Manhattan. Everyone is feeling the pinch and even though the sales market is off by 30-40% many of these people that would ordinarily shift to rentals are being forced to look for other lower cost areas or just wait. This recession could last a few years like others and until we fix the economy even NY will suffer.
Comment #1 Posted By: Marc Lewis 07/16/08