Monday, March 30, 2009

☞ READ: It's Officially a Renter's Market

The New York Times has kicked off what landlords and developers have been dreading: Rents are going down. Apparently many could afford $2,500 per month rent for a small one bedroom downtown but now the deal is that rate has gone to $1,700 per month. For that amount, one can get a two bedroom in a historic Harlem location and you do not have to leave the island of Manhattan to boot. The more adventuresome can try East Harlem for even better possibilities. Those seeking doorman buildings and luxury condos with cheap rents are probably still not realizing that "cheap rent" is incongruous to why those types of constructions were built (maybe try New Jersey?). Although Harlem is not specifically discussed, the article provides a great insight on the reality of the rental market: LINK

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