TREGNY October rental report: Rents are up, but why?
By A. Ready |October 28, 2010 - 3:18PM
The Real Estate Group of New York's October Manhattan Rental Market Report, released today, says rents are up .7% since last month and 5.52% compared to last year. Inventory rose by a mere whisper of .7%.
What accounts for the up market? According to TREGNY, “The best news for the health of the rental market comes from employment data released early this month. It appears that the financial sector in New York City has stopped cutting and started adding back jobs into the market." Looks like the Wall Street Journal didn't get the memo.
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