All About Realestate

By Gea elikazarashvilli

There hasn”t been a year like 2007 for Manhattan real estate in a long time. And there probably won”t be one like it for just as long. It saw a confluence of conflicting trends and market events that were enough to make the most brilliant economists” heads swoon. While the national housing market had literally its most devastating year since the Great Depression, New York homes shot up in value to levels that set new records in all sorts of categories.

A new year end report Corcoran Group Real Estate has given us some of the most reliable data to date on the 2007 market.

Perhaps most importantly, the value of NYC apartments and homes in Manhattan rose 8%, to an average of $1,105. Which, as we all understand at face value, is incredibly expensive. The average price for an apartment on the island rose to an astounding $1.395 million. That was a 12% increase over 2006 levels.

Different pieces of evidence suggest the market was primarily a seller”s market for most of 2007. All-cash deals, for instance were transacted with a much greater regularity than the vast majority of US cities.

One of the most important trends in the NYC real estate market picked up pace in 2007: A larger and larger share of New York apartments are being sold as condominiums. Just about 55% of all completed deals in Manhattan this year involved condos. Similarly, condos experienced an average price increase of 9%, compared to 3% for apartments in co-op owned buildings.

Much of this disparity in price increases came from the rise of the luxury condo. Many such new condos that came on to the market in 2007 for the first time are in new buildings designed by some of the world”s leading architects.

More anecdotally speaking, there is evidence of important changes taking place in some Manhattan neighborhoods. Districts that once offered little in the way of residential living have seen a good number of new residential buildings spring up. These changes are creating new living areas and neighborhoods, somehow magically cramming more living space in already crowded Manhattan. Examples include new living quarters in the Financial District and changes to the face of Hell”s Kitchen. Similarly, Alphabet city continued in 2007 to become a safer neighborhood that has become a new cultural hotspot.

All in all, 2007 was a great year for New York apartments generally, especially Manhattan apartments. Growth in value started to taper off towards the end of the year, and there are signs of some trouble on the horizon, but even the most pessimistic predictions call for a drop in value of a considerably smaller scale than the gains that 2007 made. Furthermore, as much needed housing developments occur throughout the island, Manhattan”s real estate market will only improve its ability to meet the high demand for its housing.

About The Author

Gea Elika is a freelance writer specializing in business, politics and economics. He holds a B.A. in political science and will begin his PhD studies in political economy and public opinion next fall.

http://www.citycribs.com

By Art Gib

Around the turn of the 20th century, St. Louis was on its way to become one of the biggest cities in America. It came in fourth in the 1904 census. However, like many city metro areas across the U.S., St. Louis found its core metro area leaking the bulk of the population to the city suburbs.

Much of the manufacturing industries became outsourced and the construction of interstate and airports kept passers through away from the core. Starting around the end of the 60s city planners were hatching new means to bring St. Louis” core back to its thriving older self.

The last decade has seen some of the most improvement in the downtown districts. Urban blight and vacant buildings have slowly been healed by grassroots groups such as the Mill Creek Urban Renewal project. One such project focuses in on Washington Avenue, a historical artery through downtown.

Washington Avenue Project

Washington Avenue is an area that, seeing it ten years ago, would seem as if it would never heal. It was a time where crime was so bad that many residents had to lock their doors during the day according to some residents. Now the district has cleaned up considerably, and made St. Louis apartments more attractive to move into.

A decade ago, driving through the avenue you would see empty shells of old 20s style industrial red brick buildings decaying. Urban blight, as it”s called, was driving businesses out and crime and poverty up. Starting in 1999, city planners made the turn around and started the Downtown Development Action Plan. They envisioned St. Louis apartments in the Washington Avenue area as the new “loft” district. And instead of renovating the turn-of-the-century industrial structures, new downtown lofts were crafted from the existing buildings. Historic tax credits were used to help fund the project so 19th and early 20th century building facades stay intact.

Central West End: Cultural City Corridor Alive Again

Standing on the 26th floor of the Chase Park Plaza, you can look through any of the east facing windows to view a swath of urban cityscape punctuated on the horizon by the Arco de Saint Louis. The Chase Park Plaza had once been a posh hotel that saw such acts as Lucille ball and Frank Sinatra.

It fell into despair in the late 20th century. But due to new city bonding stimulus the Chase Park Plaza has become a symbol of Central West End apartment revival. Much of Central West End mirrored this Plaza economically through the ages.

In the 20s and 30s Central West End was mostly a collection of private estates and mansion-like homes. Central West End is just west of the main down-town district. It was an area of town that housed many of the rich and privileged town folk and big business owners at the time. Now it”s transformed into an area where middle income earners can afford to live.

Large family homes have been converted into separate dwellings. There is a large demand for Central West End apartments due to draws such as quick access to the interstate, the commuter train station, Hospital and University all within its perimeter.

About The Author

Art Gib writes for Barron Realty (http://www.barronrealty.com) who help residents find and lease central west end St. Louis apartments. Barron Realty renovates and restores vintage St. Louis apartment buildings for tenants, adding to the city”s core revitalization trend.

By Kris Koonar

As with any other city in the United States, Orlando too has its plus and minus points and hence finding the right real estate agent is crucial, if you do not want to land up with a dud. Here are some facts to keep in mind, when searching for the real estate elusive right agent.

You could survey various newspapers, property magazine and even surf the Internet in your search for the right real estate agent. One of the important qualities, which you should look for in an agent, is that he/she should be a local agent, with complete knowledge of the various neighborhoods in Orlando, especially the good and the bad ones. He should be honest and should have prior experience in such type of dealings. He should be willing to assist you full time and should not be available only on the phone. Check out his prior dealings with some of his previous customers, to get an idea about the speed and quality of his service.

He should also have an idea of the surrounding neighborhoods, so that he can point out the various schools, hospitals, etc. around your proposed purchase. If you are planning to buy a business, then he should have an idea of the local zoning laws and the other legal requirements, needed to start your business. He should participate in all the meetings and should also arrange meetings with the seller, so that he can mention any points, you had forgotten to mention in that meeting. He should take care of all the paperwork required to complete the deal. Depending on the night life, you wish to pursue, the agent should guide you to an area, which can be easily accessed from your home. So, if you want to visit pubs or discos regularly, then he can suggest a residential area nearby or if you like visiting the lap of nature, then he could suggest area near Lake Woodruff National Wildlife Refuge or the Ocala National Forest.

The agent should also have good relations with the builder or seller of the property and should try to guide you towards a fair deal, which should be satisfying to all the three of you. He should not be greedy after his commission alone, but should be interested in establishing a long-term relation with his clients. He should be technologically savvy and should be able to use his laptop, to generate quick and accurate results for any query, which you might put up to him. He should be able to calculate mortgage payments, down payments, etc. immediately and without committing any errors.

He should have maps of the area ready with him, so that you can check out the area, even before physically visiting it. He should be able to tell you about the price appreciation in the particular area of your interest in the previous years. He should also have contacts with technical people, who can inspect the property of your interest and provide you with a written report.

So in short, you will need an honest, efficient, knowledgeable and accessible broker, who can spot a good deal and wrap it up for you, as quickly as possible. If you find him, then even in future deals, stick with him.

About The Author

Are you looking for Orlando Real Estate Investments? We have a list of available wholesale real estate investment homes for you to view. No sign up up is required just visit our site at http://www.realnetusa.com

By Wantanee Khamkongkaew

Japan is an archipelago in the Pacific, separated from the eastern coastline of Asia by the Sea of Japan. The country”s four main islands are Honshu, Kyushu, Shikoku and Hokkaido. It is the largest and most varied economy in Asia. The people are courteous, hardworking, and diligent. They are especially known for their warmth and hospitality.

The real estate business is fast recovering from a decade old slump that cut down the value of properties by about 75 percent. Rental income rates in the country are still higher than borrowing costs and interest rates will most certainly increase. The real estate business in Japan is showing clear signs of an emerging recovery from its recent decline.

All real estate with a prospective to generate outside income and/or revenue for the owner of the real property can be called commercial real estate. It includes many property types such as office buildings, apartment units, retail properties, condominiums and even plain land.

Any property having the potential to generate revenue may be called commercial real estate. Apart from the property types listed above, capital gains and income by way of rent can also be acquired through investment in niche properties. A career in this field is likely to take hours of coursework and a satisfactory pass in one or more licensing exams.

Investing in the country”s real estate is a bold move, one that is extremely advantageous if carried out correctly. Anyone can acquire a property on the island. Investors must keep in mind that it is somewhat difficult to obtain a loan from a bank nowadays. Needless to say, it is rather impossible for a foreigner without a proper visa and a steady job to get a loan. However, if you are rich enough to buy your property without having to avail a loan, then the problem is solved.

Commercial properties yield a steady cash flow, especially when lease contracts are made long-term. High income is expected throughout the contract period. As a rule, tenants are responsible for the maintenance of the property and they default less frequently on payments.

How much income would you be able to generate from investing in a property in Japan? That depends on the area in which you want to invest your money. Tokyo is certainly the most expensive. Prices, as a rule, decrease steadily as the distance to the capital center increases. Old buildings are substantially cheaper than newly constructed ones. Remote areas such as Hokkaido and Tohoku, or regions such as Yamaguchi and Shimane can be especially cheap. In certain areas, local governments offer land for free to those who are willing to settle there for a number of years. Investors can easily get an idea of prices by checking with country-wide search engines.

In the mid-80”s, the country”s real estate market was excessively regulated and difficult to penetrate. Many factors have played in the easing of those regulations and Japan has now become a more open economy. Developments in technology and the Internet and internal changes in the economy have opened the Japanese market in many directions – telecommunication industry, medical equipments and pharmaceuticals industry, energy production, information technology industry, insurance industry, and financial services.

The striking 70 percent fall in the commercial real estate costs from their height in the early 1990”s shows the extent to which a loan supply imbalance can affect real economic activity. This loan supply shock and its impact on construction activity in major commercial real estate markets have affected the economy adversely.

Companies and investors that are keen on entering the market can benefit by finding a reliable, well-reputed distributor or agent to represent them in the market. It is also very important to develop business contacts through regular personal visits. Japanese give a high degree of importance to personal relationships. You need much patience and repeated follow-up actions to clinch a real estate deal. If you are a foreigner entering in commercial real estate in Japan, it is a good idea to hire a professional interpreter, as many Japanese businessmen and executives do not speak English.

About The Author

Wantanee Khamkongkaew is an independent author evaluating and commenting on leading International Property Consultants in Asia and Greater China, especially CB Richard Ellis – http://www.cbre.com.hk

By Kari Shea

How can a homeowner know that their greatest asset – their house – is in danger? What are some of the early warning signs of foreclosure? There are a couple clear signs that can”t be ignored, but some signals of financial peril are a bit more subtle. Whether you live in San Diego or the Bronx, foreclosures are happening around you every day. Knowing what the warning signs are will ensure that you”ll know if your home is at risk.

An obvious sign of clear and present danger is missed mortgage payments. Unlike a late water bill or a missed payment on a store credit card, lenders take mortgage payments very seriously. Missing a mortgage payment is serious business. Lenders will usually begin calling you when the grace period passes after your first missed mortgage payment.

Although it”s an embarrassing situation, do not avoid their calls. Tell them exactly what”s going on, and they may be surprisingly understanding. Good communication is very important, so be sure to let them know the state of things and when you hope to make your payment. Missing even just one mortgage payment will damage your credit score considerably, so try to set up a payment plan rather than avoid your lender”s phone calls and letters. If you ignore the lender, they will send your information to a loss mitigation company or lawyer.

Watching time lapse without taking action is the single worst thing you can do. Once your mortgage isn”t completely current, your lender may begin the foreclosure process by filing a “notice of default,” which pretty much means pay up or get out. This officially starts your reinstatement period, which means you need to pay all of the fees and late payments or else a date of sale will be established. If more time is allowed to pass, you will receive a “notice of sale” and your home will be put up for sale by your lender. You and your family will be evicted once the process has gone this far.

There are also more subtle signs that your home is in danger. When you purchased your home, did you sign on for a 30 year fixed mortgage, or did you sign up for “creative” financing to lower your payment? If your payments are slated to increase and you can barely afford the bills you currently have, it”s time to consider getting out of your house before it”s too late. Selling a home in today”s market may take a long time, so don”t wait until you”re in over your head to make a move.

The worst thing you can do during this process is to pretend that there isn”t a problem. If you don”t take actions to prevent foreclosure, you and your family will most certainly lose your home. As soon as you think there is a slight chance you won”t be able to make your mortgage payment in the future, you need to look into your options. Don”t just bury your head in the sand and hope it will all work out for the best. The longer you wait, the fewer the options available to you.

Don”t let foreclosure happen to you. It is possible to sell your home long before the foreclosure process reaches its ugly end. Find a trusted realtor or foreclosure counselor and find out your options before your credit is totally destroyed and you lose your home. It is better to sell your home than to have it taken away from you. A little bit of planning and the help of an expert realtor in this situation can make or break your financial situation for the rest of your life.

About The Author

Kari Shea, of http://www.shea-realestate.com {Shea Real Estate & Investment Group}. Learn more about their services at: http://www.shea-realestate.com {www.shea-realestate.com}.

By Tim Harris

With all the talk in the news lately about the housing market falling apart, buyers are getting more and more fearful every day. A good real estate agent must know how to set their minds at ease in this minefield of a market.

Buyers are watching carefully as builders relentlessly slash the prices of new homes and they are constantly second-guessing themselves. What is the main question on their minds? The doubt that keeps most of them up at night is whether or not they are timing their purchase right. They know that they have the desire to buy and today”s buyer usually has the means to act on what they want. They are just not sure that now is the time to move forward because they are being bombarded with the message that housing prices are about to drop even more.

Put yourself in their position. If you were about to buy a $30,000 BMW that you have heard will be on sale in a month for $20,000, what would you do? If you had the ability to wait it out, even if the chances of keeping a substantial amount of your cash were slim, you”d likely wait it out and see. It is the same story with potential home buyers. They may not intend to wait a specific amount of time, but they certainly don”t want to close a deal on the same day the man on the morning news is screaming, “Don”t buy a house now, whatever you do!” Jim Crammer, of CNBC, is even telling homeowners in upside down mortgages to, “just walk away,” from their homes in that situation as an option to get out from under them. It tends to make people a little gun shy when they hear that kind of talk.

Some buyers are even demanding huge gouges out of the final price of homes at the last minute. Usually after the home inspection, buyers sense that the sellers are overwhelmingly relieved to finally be selling their property. So, buyers throw down a list of demands that reads more like a ransom note just before the closing. Sometimes they even panic and pull the plug on the deal entirely.

So, what”s an agent to do with all of the market”s squirrelly buyers? You need to vaccinate them against buyer”s remorse before the evil virus takes hold and kills your deal. Bring them back to the basics. Remind them that even though the market may have its ups and downs, homes are a great thing to buy. Over the long haul, real estate is a terrific investment. What other material purchase will gain equity while they use it day in and day out?

Also remind them that a small drop in the price of a house will likely be offset by a rise in interest rates. Unless they are prepared to pay cash up front, they need to factor in more than just the purchase price of the home. A realtor may even want to consider pricing their properties aggressively low to encourage multiple bids. Force the buyers to set the price. A little competition always makes a property appear more enticing to a prospective buyer. So, in today”s market, a little advice will go a long way when you”re talking to prospective buyers. Agents, like buyers, must commit to staying the course as we watch the housing market continue to morph.

About The Author

Since 1997, Harris Real Estate University has thousands of Realtor-Students participating in education courses on a daily basis. Read more in Tim”s blog

http://timandjulieharris.com/

By Tim Dillard

The entire area in and around Houston is being confirmed as containing some of the best new places to live in Texas. Fort Bend County, Galveston County, Chambers County, Montgomery County, and Harris County are all prime growth communities with the particular and distinct advantage of including master-planned communities that allow for all the best amenities for all types of citizens in the community.

For example, transportation both for automobiles and for mass or public transit is included in the planning, not only at the time of building, but for the future as well. This means that such factors as best land use and best use of dwindling natural resources – including energy and petroleum fuels – are taken into consideration.

The best new places to live in Texas look at encompassing people of all age groups and economic status. Senior citizens may be able to do less driving, which is one of the reasons for good mass transit systems and good medical and health facilities nearby. By the same token, young families are generally desirous of quality education for their children. This includes education facilities and educators all the way from preschool through to university graduation. This part of Texas shines at both ends of the educational spectrum, with some of the top-ranked schools in the state located in the Greater Houston Area.

The best places will be those where the cost of living is affordable in order to allow families to not only meet basic necessities such as food, clothing, transportation, and shelter, but also to have a little left over (disposable income) to afford some of the area”s exciting recreational opportunities. In this part of Texas, the per capita income is higher and the cost of living is lower than in any other metropolitan area of the United States. Grocery costs, for example, are a full 25 percent lower than other urban population centers. Taxes are lower and housing prices are among the lowest in the nation for urban areas.

The best places to live take due consideration to recreational activities. Many of the planned communities are built on or near a golf course. Often there are water parks or amusement parks incorporated right into the community so that families have safe and wholesome activities available nearby. Green ways, parks, and nature trails are also a significant part of most planned communities. In the Greater Houston Area, there are literally hundreds of parks, recreation centers, and nature trails to explore and the number is growing constantly.

About The Author

Tuscan Lakes is built on the premise that the dream of a simpler life surrounded by the soothing beauty of the European countryside can be realized every day – not so far away. Visit http://www.tuscanlakes.com/ for more information.

By Tim Dillard

The best Galveston County neighborhoods are usually going to be gated communities. There are several advantages to the top gated communities. In Galveston County, the biggest advantage is always going to be that of peace of mind. When you purchase a home here, you will have the peace of mind that tells you that you are in a safe and secure community, with people that you will be proud to call your neighbors.

Houses are of quality here. Luxury homes often end up being much more than you would want to pay. Let”s face it, often luxury homes are much more expensive than they should be, and this is usually due in part to the areas where the homes are located.

However, if you consider buying a luxury home, you will see that there are homes for sale from the 200,000$ range to the 2$ million range. This allows you to choose the price that you want to pay for your new home, and to customize your home and the area in which you live in order to suit you financially. Buying a luxury home in this new area will provide you with the chance to get the luxury home of your dreams, without having to worry about spending too much.

And the area of a gated community is something to be proud of too. Usually, you would be searching for a home in the area of the best schools. In Galveston County you have that, and the best shopping or best employment opportunities. However, you can have the safety and security of living in one of the best gated communities while at the same time being close to all of those things.

The area in which the development is located is full of country charm and woods, and is safe and secluded. However, there is easy and fast access to major highways and interstates, the best schools and hospitals, and the best shopping and employment opportunities.

Don”t pass up the chance to live in one of the best areas in the country. Purchasing a home in a gated community will allow you the comfort and satisfaction of knowing that you have truly come home, in the best way possible. You will love your neighbors, love the area, and love everything that goes along with living here.

So why not live in one of the top gated communities? In Galveston County you will truly be able to feel at home in a place that has been designed just for that very reason. You will be able to enjoy the comfort and security of a safe neighborhood, and make lifelong friendships with people who want the same things from their lives that you are. This is truly the best place that you can call home.

About The Author

Edgewater is the Bay Area”s newest mixed-use, master-planned community on 538 acres in the heart of Webster, Texas. Visit http://www.edgewaterwebster.com for more information.

By Susan Bicksler

The current real estate market in most areas of the U.S. has stalled, with no dramatic upswing in sight. At the same time, there are sales being made because people still need to re-locate for a job or have health issues, they may want to down size or are ready to become a first time homebuyer. With such a high inventory of single family homes and condominiums on the market, here”s what you can do to get ahead of the curve and actually sell your home within a reasonable length of time.

#1 Beat your competition on price. Research what similar homes have recently sold for (not what they listed for) in your neighborhood and undercut by at least a few hundred dollars to start. A real estate sales associate can easily get you those sales figures. Indicate you are willing to negotiate.

#2 Assess your home”s negative points with a critical eye and make repairs. Fix leaky faucets, replace broken or cracked windows, tighten screws on loose cupboard doors, nail down squeaking floorboards, put fresh caulk around the tub or shower, fill in nail holes or cracks in wall board and repaint, replace worn out window coverings or shades that don”t work.

#3 Update and get with the times. Get a couple of gallons of paint in a soft or neutral color and go to work on those walls and trim. Replace those clunky, noisy ceiling fans with modern models. New faucets and showerheads will add sparkle. Change out worn (or missing) cupboard and drawer knobs. If your budget will allow, replace that old burner-top stove, ancient refrigerator, and worn out dishwasher. You don”t necessarily need to do a total makeover, but if you have orange, shag carpet in the living room I would seriously recommend installing a new, inexpensive carpet and pad!

#4 Use soap, water, and elbow grease. It”s a big turn off for potential buyers when there is visible dirt and grime and it can indicate that the seller has let other issues slide on the house as well. Mop floors and apply a good grout cleaner in tiled areas. Look for dirt and smudges on door trim and handles, dust furniture, vacuum floors and rugs and sweep down stairs. Clean out sink, tub, and shower drains, remove soap scum from bathroom walls, wash or replace shower curtains. Get on a stepladder and clean accumulated dust and dirt from ceiling fan blades, clean the oven, remove old food and wash inside of refrigerator. Replace air filters and wash all the windows inside and out!

#5 Do the Sniff Test. After being outside and coming into your house, how does it smell? Are there any obnoxious odors, such as wet dog, fish aquarium, birdcage, cigarette or cigar smoke, old garbage, gym clothes, stinky sneakers, mildew, or strong food odors from last night”s meal? If so, thoroughly clean offensive areas and dispose of stinky articles. It may be necessary to wash down and repaint walls and replace old curtains and carpet if the smoke smell is overpowering.

#6 De-Clutter! We”re all guilty of hoarding too much stuff. Getting ready to list your home is a great time to get a clean slate. Give away whatever you can to friends or relatives, or have a yard sale. Don”t forget there are any number of organizations that would welcome donations of your unused or extra appliances, clothes, knick-knacks, outgrown baby items, sports equipment, tools and other household goods. Local libraries will take books. Habitat for Humanity will take certain items that can be used for construction. Look for their number in the phone book.

#7 Don”t overstuff rooms, closets, or the garage. Make it easy to navigate through your house, even if it means rearranging furniture or removing a couple of overstuffed chairs. A small closet will look much larger if it”s not jammed with everything under the sun. Just have essential items on hangers or neatly stacked and pack up or dispose of the rest. In the garage, what can”t be thrown out can at least be stored or stacked in an orderly fashion.

#8 Remove distractions. Potential buyers should be looking at your house with intent to buy, not admiring your baseball collection, asking about the antique gun hanging on the wall, eyeballing risque posters in the bedroom, oooing and ahhing over the doll collection or the 9 x 10 glossy signed by Elvis.

#9 Don”t forget the all-important Curb Appeal. Ever drive up to a house hidden beneath hanging tree branches, knee-high weeds, large, worn spots in the lawn, rusty toys strewn about, an old tire with a dog chained up, a broken down swing set or a junk car in the drive? How about the swimming pool water that”s turned olive green? Trust me; that eyesore is not going to lure many serious buyers. It may, however, elicit ridiculously lowball offers from salivating investors.

#10 Market your listing every way you can. The more people that are aware your house is for sale, the more likely you will get interested buyers and a sale. Tell everyone you know. If allowed in your neighborhood, place a For Sale sign in your yard. But, be sure to have professional looking flyers attached, describing the good points. Real estate brokers can provide extensive advertising and marketing. They utilize computer multiple listing systems, ads in newspapers and magazines, agent pre-views, Internet web sites, email to other agents, etc. Post cards can also be mailed throughout the neighborhood announcing your listing. A well-planned Open House can also be effective.

Copyright (C) 2008 by Susan Bicksler, all rights reserved.

About The Author

As a professional real estate sales associate, property investor, and past condominium association president, Susan Bicksler gained experience and insight into the world of property sellers and buyers. For tips and the inside scoop visit http://www.condoinfolive.com today for a special offer.

By Gea elikazarashvilli

For a good number of years now, renters of NYC apartments have had the extreme displeasure of paying the highest rents in the country. A new report suggests that the city is entering 2008 with a continuing hold on the unfortunate and smudged crown which signifies its role as the most expensive city for renters in the country.

The new report by the major California real estate investment firm, Marcus & Millichap suggests that, at least insofar as median rental rates, NYC apartments far surpass those any other city in the country. The median, for those that always get them confused, is the number that is number that occurs most often in a set. So, when we say New York City”s apartments cost a median monthly rent of $2,922, what we are really saying is that more New York apartments cost $2,922 for rent a month than any other price. It”s a seemingly small difference between average or mean rental rates, but it”s an important difference.

Median rates are a better representative of what the typical person pays, because it”s not thrown off by the super-high numbers the luxury rental apartments, in this case like the mean rental rates would be. It”s a funny thing about New York City, though: In many cities, 2,922 dollars would get you something approaching a luxury apartment.

Here, though, it gets you the median. Can”t you almost feel those dollars just pouring out of your wallet, like a crisp waterfall on a spring day? Sometimes I think landlords in the city just sit outside and watch people walk in and out of their buildings and make a cash register noise inside their heads, ka-ching, ka-ching, as their tenants walk by.

The next closest city was San Francisco, but its median rental rate was a full thousand dollars less than New York City. It stood at just $1,904.

In fairness to the equally cash-pressed San Franciscans, though, these numbers are a bit deceiving. New Yorkers tend to cram more people into their apartments, so even though the apartments themselves are more expensive, those that life in the City by the Bay actually pay more per person.

The report notes that there is more than just supply and demand driving rental rates in the city up. Of course, New York City and San Francisco”s low vacancy rates force prices upwards, but the regional inflation stemming from the high income of New Yorkers and San Franciscans is what makes rental rates so astronomically high in these two cities.

Of course, while this means that rental rates are acceptable for high income earners, it means that the working class in New York City is pressed harder by the high rental rates than in any other city in the country.

About The Author

Gea Elika is a freelance writer specializing in business, politics and economics. He holds a B.A. in political science and will begin his PhD studies in political economy and public opinion next fall.
For more information, visit

http://www.citycribs.com