Rising rents cause multi-family home sales to increase significantly in NYC
The housing market disaster of the past few years has discouraged some people from purchasing the houses for sale in New York, NY. However, with so much demand for rentals, the monthly fees have once again begun to rise and, in some areas they have reached record highs.
It may be a good time to purchase property again in the Big Apple, because as rents continue to rise, home prices remain relatively stable. In fact, many homebuyers have found it affordable and worthwhile to invest in multi-family homes in 2012, a surprising change in the outlook of the U.S. housing market.
Multi-family housing saw a 137 percent increase in total dollar volume transacted in February 2012, to $404.36 million, up from $170.85 million in January 2012, according to Ariel Property Advisors' Multi-family Month Review report. Sales were up 153 percent year-over-year, which bodes well for the stability on the New York City housing market. With tenants willing to pay more to rent properties, homebuyers are discovering the benefits of purchase units and leasing them to families.
The borough of Queens continued to see strong activity in February 2-12, with four multi-family transactions, resulting in $51.36 million in sales.
With multi-family homes being sold more regularly, homebuyers, home sellers and renters may want to enter the New York City housing market to purchase properties at affordable rates or profit off of investments while the market is active.