New York City Furnished Apartment Market Report - 1st Half 2008
New York Roommate Shares
Sizes & Lengths of Stay and d. Conclusion
Sizes & Lengths of Stay
Finally, we look at the average length of stay. The average length of stay in the roommate share department tends to fluctuate more than other departments. In the 1st half of 2006, we saw an average rental length of 105 days while in 2007 that increased to 119 days, a 13% increase, but in 2008 1st half the rate dropped by 21% from the previous year to 94 days. This statistic is difficult to explain or predict. The rationale for different lengths of stay is normally based on several factors including length of visa, length of school year or length of assignment in New York. Because of the instability in this figure, it is difficult to predict what we might see in the future.
The Roommate Share Accommodation business remains active: rentals in the 1st half of the year are up nearly 50% from 2006 to 2008
Rental rates continue to rise with prices climbing all over the city but some of the largest increases are seen in Brooklyn and Queens. Furthermore, the average rates of rentals south of 96th Street in Manhattan now all have averages at or above $1200 per month.
For the 2nd half of 2008 we expect to see that the popularity of the share department remains strong because it is a value orientated department. With the economic outlook for the future looking weaker, we expect more people would look to the share depart- ment to find suitable and reasonably priced accommodations in New York City.
Check back again in early 2009 to read the 2nd results of the 2008 season.
half and full year
Section III: New York Roommate Shares
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