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Nationwide Condo Conversions Increase, but Brooklyn Sticks to Rentals

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What do developers do when their condominiums remain vacant? They turn them into luxury rentals, of course. At least, that’s what developers across the country decided to do during the recession. When the recession hit, foreclosure was one of the most feared words, leading to a hike in the number of people choosing to rent, which triggered higher monthly rents.

Now, the Wall Street Journal reports, landlords are moving in the other direction, converting their rentals into condos, indicating recovery in the sales market. Tenants are even going out of their way to ask landlords if they can buy their apartments.

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Vacancies in Manhattan Reach an All-Time Low

A few days ago, the second quarter real estate report for U.S. rentals was released, providing plenty of information on the national housing market. The verdict: rents have increased to an all-time high, particularly in New York City. Additionally, demand is at an all time-high. But the most staggering statistic at all is that the U.S. vacancy rate has sharply decreased to a level that hasn’t been seen since 2001. The report has several implications for the Manhattan market, beginning with the fact that in New York City, average rents are now at $2,935 per month, 1.7% more than last quarter.

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High Income Individuals Promote Rental Market Expansion

The rental market in Manhattan is showing a surprising trend. Despite rents increasing to record rates, the high-end rental market in Manhattan is still expanding. Clearly, high-net-worth individuals prefer signing a lease agreement as opposed to taking out a mortgage to purchase a luxury apartment in Manhattan, but why would they when the financial benefits are few? Apparently, the appeal of the Manhattan luxury rental still exists for individuals needing a place to live without having to absolutely settle down into a long-term residence. Although many residents in this category may very well be able to afford buying a Manhattan condo, it seems that the current state of the housing market coupled with a sense of uncertainty on the future is keeping their faith in the rental market alive.
 

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Feel The Surge: Quarter Two Manhattan Apartment Rental Numbers Soar To Pre-Recession Levels... And Beyond

It all seems like a dream, now, the boom market in Manhattan real estate. But while it was unsustainable and way overhyped, and is faintly ridiculous in retrospect, there was a period when Manhattan rental apartments enjoyed an almost instant absorption rate and rental activity was almost terrifyingly constant. That was the middle of 2007, and it seems a long time ago now. But while many of the things that seemed cool in 2007 seem less so, now -- remember how much scarier the world was when Lindsay Lohan wasn't in jail? -- NYC real estate watchers have never quite given up hope that those days might return to the Manhattan rental market. The just-released quarter two Manhattan apartment rental stats suggest, though, that the pre-Lehman glory days of Manhattan real estate aren't coming back. No, the new stats suggest -- astonishingly -- activity in the Manhattan rental apartment market was well beyond those mid-2007 levels. In other words, the Manhattan rental market is not only back, it's apparently stronger than it was during its historic highs. Even more surprisingly, while rental activity soared, rents stayed mostly flat. Maybe that (prematurely lamented) renter's market will survive the turnaround in Manhattan real estate after all.

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