Marcus & Millichap, an investment-sales firm based out in Cal-ee-forn-ya, unloaded on Friday evening its 2009 forecast for apartment markets throughout the U.S. The predictions for New York City are unsurpisingly grim for landlords, given the waves of layoffs and the city's general economic malaise: The firm expects vacancy rates to climb toward 5 percent, and effective rents in market-rate apartment to rise a modest 1.5 percent to $2,096 on average monthly.
Still! The report does note that the vacancy rates in market-rate rentals in more desirable neighborhoods will remain rather steady, with landlords spared a lot of suddenly emptied units. Why? Because one does not leave the Village if one can help it. One takes a roommate before one lets that happen! read more »
