FT NYC Summer 09: Will Rent Still Be As High?
So I'll be an IBD Analyst in Summer 2009 in NYC, and I was just curious on people's thoughts about rent for next year.
Given everything that has happened over the course of the year (destruction of wealth, massive layoffs, etc), is there any chance that rent will decline even slightly?
The argument months ago was that due to weak dollar, foreigners, particularly Europeans, were propping up real estate prices due to the great conversion rate; however, now that we are witnessing a global slowdown, how much of a factor is this still?
Anyway, I have not actively begun a search obviously, but I am thinking of the typical names, Murray Hill, Gramercy Park, etc.
So anyway your thoughts?
I wouldn't expect anything drastic, of course. NYC will always be NYC. Renting in the summer (particularly April/May/June) is usually one of the worst times to move into the city because a lot of other people, like yourself, are doing the same.
Now that hiring has all but ceased, I expect prices to come down as the supply will outweigh demand.
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