photo credit: confidentjohn
One group of real estate investment professionals are prevailing in the US despite financial upheaval, according to statistics.
Figures from New York firm The Real Estate Group show the Manhattan rental market is holding steady and even showing signs of improvement.
The company said recent rents for non-doorman apartments had “remained flat or moderately increased”.
Figures for non-doorman one-bedroomed apartments showed the largest gains at 1.76 per cent compared to August, according to the figures.
Daniel Baum of The Real Estate Group said: “As Congress debates a credit market fix, Manhattan property owners have created their own ‘rental market fix’.
“Making a concerted effort to lower vacancies and prices, inventories have fallen for the second consecutive month.”
He added the correction was bringing “a fresh breath of stability” to Manhattan.
The Real Estate Group also said rent prices were still falling in the Manhattan apartment scene, and warned the market is “not yet ready to be tested”.
The company put the latest data together by examining more than 10,000 apartment listings in four major real estate databases.
Apartments are sorted by neighbourhood, service level – doorman or non-doorman – and size, and “ultra luxury” properties are excluded in an effort to get a true picture.
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