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Tight rental market, tight quarters

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With Manhattan’s vacancy rate on rentals shrinking–it is estimated to be around 3.7 percent, according to data collected by Property and Portfolio Research–more and more renters are coming up with novel ideas for sharing space, such as living in offices. Some of the share solutions are likely in violation of housing codes, and the squeeze for space isn’t likely to go away anytime soon. “There’s going to be limited inventory and a lot of demand,” said Stephen Kotler, an executive vice president at Prudential Douglas Elliman. “There just hasn’t been enough rental product built.” more [NYT]

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