I think there are 3 simple reason the inventory is at less then one percent vacancy for rentals.
1. there are more job opportunities in NYC
2. banks are not giving loans as easily
3. due to the low inventory, high prices, and cost of moving, many people are extending their leases for an additional year and thus there is even less opportunity to obtain an apartment during this transition from one unit to another freeing up the inventory momentarily.
Please let me know if you are interested more in sales and I will be happy to review the inventory as well.
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Yes the inventory in Manhattan has been low for quite a while now especially in condos. There are more studios and 1 bedroom coops than anything else but prices are holding steady if not rising.
Dues to Hurricane Sandy there is likely to be a rental shortage comparable to what was happening in the 60â€™s and late 70â€™s. Itâ€™s likely that there will even be more of a run on condos as so many are displaced and it is comparatively quick to sublet as well as close and take possession of a condo.
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Sales inventory varies based on what price range, location and other specifics. Overall, there is a healthy mix of inventory, but be prepared to sacrifice on certain points. Even in the high end "uber" luxury segments of the market, just because you can afford a $20M penthouse, doesn't mean there s a gluttony of selections that meet all of your wants and needs.
Rental inventory is notoriously low as we are primarily, a city of renters. The vacancy rate is still well below 1% due to the never ending influx of new highers, students, transplants and such.
This varies greatly in the other boroughs aside from Manhattan. I only gave those stats as I assume you meant that when you said NYC as most people tend to assume NYC as only Manhattan.
The NYC real estate market is very active right now. Some neighborhoods, such as the Upper West Side are very low in inventory and new correctly-priced co-ops and condos are snapped up quickly with multiple bids. It varies neighborhood by neighborhood, but it is a robust market.
As far as reasons, one big reason is the historicallly low interest rates. Another is that Manhattan is an island, so we can't build out, so real estate only trends up over time, even if there is a blip like we saw in Sept, 2008 through 2009 here. We were last in, first out of the housing crisis. Other reasons are that NYC is a world capital, unlike much of the rest of the country. We are a financial center, an arts center, a center for advertising, the UN, major sports teams, etc. An investment in NYC real estate is about as sound an investment as one can make.
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