New York City Furnished Apartment Market Report - 1st Half 2008
New York Vacation Rental Apartments
Sizes & lengths of Stay
The size of apartment rentals has changed somewhat between 2006 and 2008. Some key points include:
The number of 1 bedroom rentals continued to decline from 40% in the 1st half of 2006 to
33% in the 1st half of 2008
The number of studios remained level in 2007 and 2008 at 41%
The number of large rentals increased in 2008 after dropping in 2007
These numbers point to the fact that people continue to look for the most economic housing options: if a family can fit into a studio rather then a one bedroom while on vacation than they will consider that choice; also large rentals remain popular for families as they offer greater value compared with booking multiple hotel rooms.
The average length of vacation rentals continues to hover around the 7 to 8 day range with averages ranging from 7.8 days in 2006 to 7.3 days in 2008. It is likely that the length of stay has shortened slightly due to the high cost of accommodations in New York at present.
Apartments rented by Type 1st half 2008
Three Bedrooms or larger 8%
Two Bedrooms 18%
One Bedrooms 33%
Section I: New York Vacation Rental Apartments
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