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What the rental market means to the sales market, usually~

 

The rental market, especially the high end market continues to be on fire in New York City.

We literally put 304 West 77th street #1 on the market last week and it is already rented at the full asking price of $9,000 per month… That is $108,000 in rent per year.

The apartment was a 2 bath, 2.5 baths in a fabulous townhouse and was priced perfectly for this rental market.

I cannot tell you how many people wanted to see the apartment and it was amazing how quickly it rented.

So why would people want to spend $108K per year on rent instead of owning?

There are many reasons, but here are a few:

Maybe it is a new area for the people to live and they want to get a feel of the location before purchasing.

Maybe the folks have transient jobs and they don’t want to commit on a purchase.

Maybe they are bearish on the NYC sales market?

Maybe they are trying to time their purchase by renting?

The bottom line is that if history repeats itself, the rental market supersedes the sales market and this could be a good indicator on where sales volume and transaction prices go to?  

Have you seen these yet?

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Paul Zweben, Licensed Associate RE Broker
pzweben@elliman.com
Carolyn Zweben, Licensed Associate RE Broker
czweben@elliman.com
1995 Broadway, New York, 10023

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