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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?
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The Zweben Team is a team of licensed real estate salespersons affiliated with Compass. Compass is a licensed real estate broker and abides by Equal Housing Opportunity laws. All material presented herein is intended for informational purposes only. Information is compiled from sources deemed reliable but is subject to errors, omissions, changes in price, condition, sale, or withdrawal without notice. No statement is made as to the accuracy of any description. All measurements and square footages are approximate. This is not intended to solicit property already listed. Nothing herein shall be construed as legal, accounting or other professional advice outside the realm of real estate brokerage. New York State Fair Housing. New York Real Estate Standard Operating Procedures.
