rental Archives - Page 3 of 3 - Rava Realty

NYC Rental Market: what’s the true story?

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Sensationalism helps sell news, garner headlines and win clicks. And sensationalism has reached real estate these days. Yes, we have an evolving real estate market as we went through the lockdown and emerged from it; so it is easy for some news outlets to publish partial information to make it look like the end of the world is looming.

Bloomberg reported that a quarter of the city’s apartment renters haven’t paid since March, according to the Community Housing Improvement Program (CHIP). ...

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Supply and Demand

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The National Association of Realtors reports that total existing-home sales dropped, nation wide, 8.5% in March. Despite the decline, home prices are still steady. The median existing-home price in March was $280,600, UP 8.0% from the same period in 2019. Total housing inventory at the end of March was down 10.2% from one year ago.

Many sellers had withdrawn their properties from ...

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Manhattan Rental Market

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After a prolonged period of declines, the Manhattan rental market finally started to pick up in January with the median rent price that increased 5.7% to $3,320 year over year (YoY), even though the volume of new leases fell by 4.9% YoY. This normally means that more renewals of existing leases are happening. The vacancy rate also went down to 1.65% from 1.98% a year ago, another good sign for landlords. And the share of apartments offered with ...

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