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
2006 2007 2008
Three Bedrooms and Larger
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:
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
One bedroom rentals also saw a significant increase from $2507 to $2752 between 2006 and 2008
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
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