Don't forget that NYC has about 1 million rent stabilized apartments and there is no rent growth with those apartments. In the past 10 years inflation increased by 30.3 %, the total rental increases for rent stabilized apartments was 13.5 %.
Due to extremist politicians at city hall and Albany has caused the deterioration of rent stabilized properties. Soon there will be inner city slums like the 1970s, its already starting in the Bronx.
In a normal environment demand invites Rent Growth but not for 40% of the rental market in NYC.
I completely agree Vincent. I am talking about the fair market rental units in NYC here. In fact, I could even go further and say it's because only 40-50% of the market is under some sort of rent restriction that even modest apt. demand growth yields outsized rent growth. The RS housing "pays" for the gains in value and rent growth that fair market housing, you could say.
Don't forget that NYC has about 1 million rent stabilized apartments and there is no rent growth with those apartments. In the past 10 years inflation increased by 30.3 %, the total rental increases for rent stabilized apartments was 13.5 %.
Due to extremist politicians at city hall and Albany has caused the deterioration of rent stabilized properties. Soon there will be inner city slums like the 1970s, its already starting in the Bronx.
In a normal environment demand invites Rent Growth but not for 40% of the rental market in NYC.
I completely agree Vincent. I am talking about the fair market rental units in NYC here. In fact, I could even go further and say it's because only 40-50% of the market is under some sort of rent restriction that even modest apt. demand growth yields outsized rent growth. The RS housing "pays" for the gains in value and rent growth that fair market housing, you could say.