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|Manhattan rental needs blowout, surrounding areas become new favorites
If New York is the center of economic growth in the United States, Manhattan is its most important engine of power.
This 22.83 square mile "bullet land" brings together the headquarters of most of the world's top 500 companies, making it one of the most densely populated areas in New York and even in the worlD.According to the United States Census Bureau in 2014, Manhattan's permanent population has exceeded 160,000, and on weekdays, due to the influx of large numbers of foreign commuters, the population here can instantly surge to more than 3.9 million!
Corresponding to the dense population, Manhattan has only about 22.6% of its own homes, which means that the local rental market is quite active.
For more than 20 years, the vacancy rate of residential apartments in Manhattan has been below 5%, while the rental price has been high.
According to a report released by Douglas Elliman in July 2015, the median rental price of Manhattan apartments has been increasing year by year for 17 consecutive months.
The median rental price was $3,418, up 6.6% from the same period in 2014, reaching the second highest level ever.
According to statistics, by the end of 2016, almost 99% of Manhattan's rental housing has been rented, which means that in the case of "supply" reduction, rent may rise, the market prospects are immeasurable!
Based on this, the New York government began to focus on introducing large-scale real estate capital and promoting the construction of Manhattan region to meet the rising housing demanD.This development situation created a rapid development opportunity for the surrounding regional real estate market.
Taking the Harlem area on the northeastern side of Manhattan as an example, because of its high housing stock, rich cultural heritage and convenient transportation, the Harlem area has attracted the attention of Manhattan office workers in recent years.
In particular, the area around 125th Street in Harlem District has become one of the most convenient transportation areas in Manhattan since it was re-zoned in 2008, and has gathered a large number of commercial and residential projects to drive the transformation and prosperity of the community.
It has attracted more and more young, highly educated and economically advantageous people with more competitive apartment rental prices than the lower and middle districts of Manhattan.
Better professionals choose to live here.
According to CBRE authoritative data, in 2015, the average rent level in Harlem District of Manhattan has reached $2520 per month, and there is still some floating space, while the vacancy rate of houses is only 2.9%.
The inventory of houses in many areas of New York City is almost the smallest, known as the most potential new residential areas around Manhattan.
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