While spending $500,000 a month for an apartment in Manhattan is not in the cards for 99.9999999% of New Yorkers, rents in general are on the rise and the inventory to choose from remains sparse!
In a Fox Business News interview with Miller Samuel CEO Jonathan Miller (@jonathanmiller), the state of the rental market in New York City is discussed touching on some of the reasons why rents continue to increase.
Some of the primary reasons Miller touched on includes the continued tight credit situation at the nations mortgage lenders keeping many potential first-time homebuyers out of the market. Additionally, although employment growth in New York is strong, incomes are stagnant posing another major impediment to purchasing and forcing renters to stay put. Finally, the basic economic rule of low rental supply and high rental demand is keeping upward pressure on the monthly cost of an apartment.
Rising rents, declining buyers
Michael Haltman, President of Hallmark Abstract Service, New York.
HAS is a provider of title insurance in New York State for residential and commercial real estate transactions specializing in the areas of New York City, Long Island and Westchester.
For anyone either buying a property or refinancing, remember that although your attorney will likely recommend a title insurance provider, you always have the right to choose your own title company (click here to learn more)!
If you have any questions you can reach Michael by email at firstname.lastname@example.org.Google+