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New York City Furnished Apartment Market Report - 1st Half 2008

II. New York Furnished Apartments

Average price per month by apartment type 1st half 2006, 2007 and 2008

$8,000

$7,220

$7,000

$6,000

$5,033

$5,000

$4,000

$3,123

$3,368

$3,206

$4,253

2006 2007 2008

$3,000

$2,507

$2,594

$2,752

$2,000

$1,953$1,945

$2,059

$1,000

$-

One Bedrooms

Three Bedrooms and Larger

Studios

Two Bedrooms

The next chart shows the average, median and mode prices of vacation rentals apartments in the 1st half of 2008.

Looking at prices by apartment type there are a few important things to note:

  • o

    For the 1st time in the 1st half, the price of studios was above $2000 per month at $2059 up, more than $100 per month on average

    • o

      One bedroom rentals also saw a significant increase from $2507 to $2752 between 2006 and 2008

    • o

      Large apartments saw a drop in price with 2 bedroom rentals dropping in price by 5% from $3368 in the 1st half of 2007 to $3208 in the 1st half of 2008 and larger apart- ments seeing a larger drop of 35% from an average of $7720 in 2007 1st half to $5033 in the 1st half of 2008.

A further note is that the 3 bedroom- and larger category tends to see high levels of volatility because that category represents just 5% of overall rentals.

Section II: New York Furnished Apartments

Copyright ©2008 by New York Habitat VL , Inc.

New York Habitat Website

To view pictures and descriptions of our furnished apartments and for general in- formation about New York Habitat, please visit: http://www.nyhabitat.com.

...............

New York Habitat Blog

For access to real estate market news, local event and neighborhood information and apartment rental tips , please visit and participate in our blog: http://www.nyhabitat.com/blog.

...............

Contact us

307 Seventh Avenue Suite 306 New York, NY 10001-USA Phone: +1 (212) 255 8018 Fax: +1 (212) 627 1416 Email: marketreport@nyhabitat.com

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