Something easier to read: Westchester County rental rates rise 9

Westchester County rental rates rise 9 percent

October 5

Strong demand for rental apartments in Westchester County has driven overall rental rates in the first half of 2007 up by 9 percent year over year, according to a new report by real estate brokerage Cushman & Wakefield.

The average rent for units of all types, from studios to multiple bedrooms, reached a record $1,788, the report said. Occupancy stood at 97.1 percent in the first half of the year, compared to 96.7 percent for all of 2006.

Monthly rents run from $1,500 to $2,000 for high-quality one-bedroom apartments, and $2,300 to $2,900 for two-bedroom units.

The brokerage noted that sales of houses and condos are slowing in the market, a trend that would boost demand for leased space.

Cushman & Wakefield said that 40 percent of the 344,000 households in the county are renting the places where they live. A projected 2.2 percent increase in households over the next five years would mean a need for 3,050 additional apartments, the report said.

The difficulty in building new housing in the region, however, is constraining that growth, the brokerage said. Twenty-one projects accounting for more than 5,800 condos and rental apartments have been proposed in the county, but approvals can take five to 10 years, Cushman & Wakefield Senior Director Jose Cruz said.

One consequence of the trend is the demand by investors for apartment projects in the Lower Hudson Valley.

In March, AvalonBay Communities paid $37.8 million for Crystal Hill Club in Pomona, a 168-unit luxury project developed by Gin*****urg Development Group, the brokerage said. In Scarsdale, the 40-unit Stone Ridge Manor sold in March for $19.5 million. The 108-unit Diplomat Gardens in Piermont sold for $13.3 million in March.

Cruz said many apartment buildings in Westchester are family-owned, unlike other suburban areas in the metro New York region where institutional ownership prevails.

“When a property comes on (the market), it’s a feeding frenzy,” he said. “I think a lot of the landlords realize they have gold in their hands.”

所有跟帖： 

• 记得以前石兄湖兄M兄等说过要买rental apt,远见啊 -老周- ♂ (0 bytes) () 10/12/2007 postreply 08:44:52

• 俺为此发过专贴，可惜众XDJM一笑了之。唉、、、寂寞ing..... -小小石头- ♂ (92 bytes) () 10/12/2007 postreply 08:55:31

• 可惜众XDJM一笑了之 ? -JR98- ♂ (14 bytes) () 10/12/2007 postreply 09:00:35

• ...~_~... -小小石头- ♂ (0 bytes) () 10/12/2007 postreply 09:19:54

• 高手都寂寞的。 -老周- ♂ (328 bytes) () 10/12/2007 postreply 09:01:22

• ZT: 希望朋友都是幸运的!!! -小小石头- ♂ (0 bytes) () 10/12/2007 postreply 09:05:13

• 市场赚钱总是少数的， -表情符号- ♀ (0 bytes) () 10/12/2007 postreply 09:19:30

• 俺不能 take 石兄的 credit。 -cultuslake- ♂ (0 bytes) () 10/12/2007 postreply 08:57:53

• 真是好同志，见荣誉就让。啥时见嘛呢就让俺，湖兄就更完美无缺了。 -小小石头- ♂ (0 bytes) () 10/12/2007 postreply 09:05:45

• 要是我也能分一点，那就更好了 ：-) -老周- ♂ (0 bytes) () 10/12/2007 postreply 09:07:50

• 小周筒子啊，您年轻有为啊，俺都准备去您家蹭饭了。 -cultuslake- ♂ (70 bytes) () 10/12/2007 postreply 09:18:32

• 欢迎欢迎，热烈欢迎。 -老周- ♂ (60 bytes) () 10/12/2007 postreply 09:26:27

• 也可以跳一级。 -cultuslake- ♂ (113 bytes) () 10/12/2007 postreply 09:32:56

• 贪得无厌啊，下次斗您时俺踏上一只脚。 -cultuslake- ♂ (0 bytes) () 10/12/2007 postreply 09:08:11

• please be mercy :-) -老周- ♂ (0 bytes) () 10/12/2007 postreply 09:22:36

• 哈哈。。。 -cultuslake- ♂ (20 bytes) () 10/12/2007 postreply 09:24:29

• ...~_~... -小小石头- ♂ (0 bytes) () 10/12/2007 postreply 09:25:55

• Westchester Cty NY is a great location to invest -miat42- ♂ (282 bytes) () 10/12/2007 postreply 09:02:57

• Co-op has very high management fee in this area -老周- ♂ (0 bytes) () 10/12/2007 postreply 09:06:11

• also, some co-op does not allow to rent or have tough limitation -老周- ♂ (0 bytes) () 10/12/2007 postreply 09:09:28

• Yes, 800/m fee is too high, that's not good -miat42- ♂ (144 bytes) () 10/12/2007 postreply 10:22:13