In some areas of New York City, the spread of this disease has effectively outlawed in-person home showings.
Some results are being reported by real estate offices in New York City. According to Douglas Elliman Real Estate, new leases in Manhattan have tumbled 71% in April from 2019 levels.ngs.
The boroughs also experienced a similar severe decline; for Brooklyn and Northwest Queens, declines were reported of 67% and 65%, respectively.
The new economic climate within the New York City region may have a financial impact upon the rents landlords can look to charge due to the weakness in demand and also due to the loss of jobs in general within the Big Apple and the New York Metropolitan area.
The Manhattan apartment vacancy rate rose to 2.42% in April, which represents the highest for the month in the last 14 years. The median rental rate for an apartment in Manhattan during the month of April is $3,650.
In New Jersey, Jersey City apartments are the most expensive to rent with the average rent posting at $2,922. The most affordable New Jersey city to rent in is Trenton, with the average apartment rent coming in at $1,122.
If you have any questions about this information or title insurance, please contact Ralph Aponte: 732.914.1400.
Counsellors Title Agency, www.counsellorstitle.net, founded in 1996, is one of New Jersey’s most respected title agencies, serving all 21 New Jersey counties with title insurance, clearing title, escrow, tidelands searches, and closing and settlement services for commercial or industrial properties, waterfront properties and marinas, condominiums, townhouses or residential single family homes. Counsellors Title also features its own Attorney Settlement Assistance Program™ [ASAP], which is an individual resource customized to fit the needs specifically of real estate attorneys, including, Documentation, Preparation, Disbursement of Funds, Attendance at Closing, HUD Preparation or Post-Closing Matters.
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