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

  • I.

    New York Vacation Rental Apartments

  • a.

    Pricing

Average rental rate 1st half 2006, 2007, 2008

$190

$185

$184

$180

$175

$171

$170

Average

$165

$164

$160

$155

$150

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

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.

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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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