New York City Furnished Apartment Market Report - 1st Half 2008
New York Vacation Rental Apartments
The 1st half of 2008 was one of the most successful rental periods for New York Habitat as the market saw continued strong demand for apartments, an upward push in rental prices and low vacancy rates.
Though the period was positive in terms of financial measures, several signs point to a slow down in the travel market worldwide including the ever popular New York. Some things to watch out for in the 2nd half of 2008 and into 2009 include:
A rise in the value of the U.S. dollar compared to world currencies including the Euro, British Pound, Austrian and New Zealand Dollars, making it less attractive for people to travel to New York from these destinations.
Weakness in the global economy spurred by the credit crisis in the United States which ap- pears might lead the world into a recession.
Though the market is at a crossroads, the vacation accommodations market remains uniquely positioned to offer a product that is a good value for the money. Therefore, even if the market sours, New York Habitat expects demand for vacation rental apartments to remain relatively strong as they offer a solid alternative to expensive hotel rooms in New York.
Section I: New York Vacation Rental Apartments
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