The Manhattan Rental Market Review is in and we picked it up on the Matrix blog.
This is interesting because it shows the average rental price $3789, average price per square foot, $47.02 and average days on the market, 76.
Rental prices in Manhattan have fallen a little over the last year but are showing signs of stability, so we are being told.
This report as prepared by Miller Samuel Inc considers only 76 days with a vacant unit good news as compared to 97 days during the same period last year.
Could the New York City Manhattan market be a sign of what we can expect in the provinces?
I think the market is improving a little here in Nashville although we still have one condo for sale and another for rent. We also have the two townhouse duplexes empty, thanks to the Obama $8000 give away for first time buyers.
We would have had three empty but one of our tenants backed out of buying a house because of "a mouse problem".
Thank goodness for those little critters.
But it's still rough but I think real estate always improves in the Spring as the good season gets underway. However, I still think the rest of 2010 will not be spectacular by any one's standards.
But, and this is what keeps us going, we think inflation is returning. Been to the grocery store lately? We don't have all the answers, but we know those of us sitting on real estate will have hard assets and the debt we have will be paid back in cheaper dollars. That's a real possibility.
But some say it will be deflation for years. Are they right?
I don't think so. I know real estate has always been one of the best investments you can make and I'm not backing down from that. Historically Democrates tend to raise taxes and they spend a lot of money. That's happening now. They will have to pay all the debt off some way and I think inflation has always been their vehicle of choice.
Read Manhattan Rental Market Overview
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