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The Manhattan rental market is heating up, and the vacancy rate is a lot lower than it was one year ago. Landlords see that, once again, the status quo is changing in their favor, and are starting to take advantage of it. Renters who received special promotions and discounts a year ago, are facing dramatic increases in their rent ($500-$600), and are on the verge of losing their apartments.
If this trend does continue, a lot of residents will be forced to vacate their homes because they simply cannot afford to live there anymore, and the vacancy rates will start to increase in the areas. And, once they start to lose a lot of clients, the landlords will once again start to lower the rents and offer incentives till the market is in equilibrium. The economic recovery is still quite unstable, and landlords should not take a few temporary indicators to justify drastic increases in rent.
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