New York City Furnished Apartment Market Report - 1st Half 2008
New York Vacation Rental Apartments
Average rental rate 1st half 2006, 2007, 2008
The first market indicator that we analyze is the average rental price per night. This is one of the broadest indicators of what people are willing to pay for apartment rentals. The average rental price in the 1st half of 2008 climbed to a new high of $184 per night up from $164 in 2006. This 14% increase shows that the market remained robust during the 1st half of 2008 as the Euro and British Pound reached several new highs against the U.S. in the spring of 2008.
Pricing pressure in the New York Vacation Rental market may begin to wane in the 2nd half of 2008 as the Euro and Pound have lost significant value against the U.S. dollar since the spring and the global economy is beginning to head towards a recession.
For owners looking to maintain their price points some suggestions are to increase the number of people that can sleep in the apartments and also to add wireless Internet access which has been increasingly demanded by clients. Furthermore, some owners may choose to lower their price to encourage rentals.
Section I: New York Vacation Rental Apartments
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