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Apartment vacancy rates spikes in New York City
Cost of rent also going down Apartment vacancies have reached record-high levels as more people want to migrate to rural areas and larger living spaces. According to a new report from Douglas Elliman, Manhattan, New York, has now reached its highest vacancy rate in nearly 14 years of being tracked – 3.67%.
Most tenants failed to pay July’s rent
Only 59.3% of New Yorkers paid rent by July 6 Multifamily housing saw fewer tenants making their rent payments for July as the COVID-19 pandemic worsened. According to RealPage and the National Multifamily Housing Council‘s research, 77.4% of renters living in professionally-managed apartments in the U.S. made their rent payment as of July 6. This has ticked...
Step up even without a crisis
Realtors step up amid COVID-19 crisis During times of crisis, communities and industries are defined by those who step up. National Association of Realtors Chief Marketing and Communications Officer Victoria Gillespie said Realtors did just that. Gillespie’s record on success speaks for itself: Under Gillespie’s leadership as chief marketing and communications officer,...
A new Offer Optimizer solution was released by iBuyer
An update to its original, launched in March 2019 Buyer platform zavvie has announced the release of a new version of its Offer Optimizer, which is aimed at helping agents engage clients with the possible selling options. These options include instant offers from iBuyers, a traditional market offer or a new Bridge...
Too much lead generation options for real estate
Real estate agents are confused and dismayed by too many lead generation options HousingWire recently launched HousingStack, a dynamic visualization of rapid technological changes in the real estate industry. Our first vertical to launch was Lead Generation, and I almost choked when I saw all the companies attempting to generate leads for real estate...
Almost half of NAR members say their market is recovering
39% said they are prepared for a possible second wave of COVID-19 The housing market has seen its ups and downs as a result of COVID-19, and now, summer homebuying season is in full force. The National Association of Realtors released its Market Recovery Survey on Thursday, revealing that 45% of its members had reported...
Luxury home prices are at its bottom says Redfin economist
This market is also seeing an uptick in demand Luxury home prices have dropped 2.3% year over year nationwide, Redfin said. In the 12 weeks ending June 14, the median sale price for luxury homes fell to $1,099,521, marking one of the biggest declines in luxury home prices since the beginning of 2015.  However, new data...
Rent is really getting cheaper across America
It fell the quickest during April and May Nationally, asking rents fell 0.4% in April and May, following nearly a decade of solid growth, a new report from Yardi Matrix revealed. Between January 2015 and the first quarter of 2020, before COVID-19 hit, asking rents grew a considerable 26% nationally.
The future of work for real estate industry
In the future, will we all work from home? This is one of the most-asked questions resulting from the Covid-19 shutdown — understandably so, after a long nationwide experiment in working remotely and handling meetings over Zoom and Slack. In fact, many New York City businesses are going into their fourth month of remote...
The lack of housing supply causes gentrification
And housing supply is historically low A recent study from the Urban Institute reveals that higher housing costs as a result of the shortage of housing inventory is leading affluent buyers to seek out low- or moderate-income neighborhoods. This creates gentrified neighborhoods. Due to historical housing inventory shortages, gentrification is happening quicker.