New York City Furnished Apartment Market Report - 1st Half 2008
New York Furnished Apartments
The 1st half of 2008 showed that there are signs of a weakening economy even in New York. Prices only managed a modest increase and people continued to look for value in the market. Looking to the future of the furnished rentals market, there are some of the factors that will affect bookings in the 2nd half of 2008 as well as 2009:
A weakness in the world economy including the worsening credit crisis will put a downward pressure on prices as less businesses send employees abroad for extended stays
The raising value of the U.S. dollar will make it more difficult for companies headquartered outside of the United States to send employees to the U.S.
The credit crisis may make the rental market tighter as the number of people able to get mortgages in New York may decline since banks make lending restrictions more stringent
The 1st half of 2008 shows how the world economy affects our furnished apartment rentals business. Not only are clients being more careful about their expenditures but our owners are being wise and not raising prices as quickly as in times past. The 2nd half of 2008 and into 2009 will be a challenging time for the economy and therefore will likely keep prices in check in the furnished rentals market in the New York City area. Look for updates thoughtout 2008 and 2009 as the market continues to evolve.
Section II: New York Furnished Apartments
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