Demographics, Reason for NYC Housing Recovery

(Save the date: RealShare Apartments East comes to the Hyatt Regency Miami, Florida on February 26^th, 2013)

NEW YORK CITY-As 2012 ended and the government teetered on the first of multiple fiscal cliffs, the housing market in the northeast and across America continued its recovery. In New York City, where the vacancy rate is 2.1% and rents were up 3.9% for the year, investors are paying record prices for multifamily housing and development sites that have been barren since the financial crisis started in 2007, which are now being developed, and the price of development rights are again escalating. Moreover, this trend is not just in New York City but nationwide where the apartment vacancy rates have fallen to 4.5% from 8% a few years ago.