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Article: Rental sector feeling the heat.
- Article from:
- Real Estate Weekly
- Article date:
- October 19, 2005
- Author:
CopyrightCOPYRIGHT 2005 Hagedorn Publication. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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The city's red house sales market is putting the squeeze on the rental sector, according to industry experts.
"With so many people buying and selling to catch the wave of high prices and not renting when they can purchase an apartment, this causes the low inventory of rental units to decrease even more so," said Mark David Fromm of Mark David & Company.
"It's driving the rental prices up. There's very little inventory out there. It's definitely tough out there right now for the renter."
As of June 2005, the median rental price of a Manhattan apartment had gone up only $25 since June 2004, which indicates the stability of the market. However, ...