The real estate industry is one area that the majority of people pay attention to. This is a smart move as the real estate market is a pretty good indication of the economy. This is true whether you are looking at the local, national, or global aspects of the economy. New York, and several other cities around the world, appear to be heading for another real estate bubble burst according to a recent article on Zero Hedge.
This rent article published on Zero Hedge states that NYC real estate market in the city has reached an all time in prices. These rental prices have apparently maxed out the city’s renters’ ability to pay. This evidence is backed by the nine year high of rental vacancies that can also be found throughout the metropolitan area of New York City.
The article also goes on to show which cities, in the United States and across the globe, are potentially headed for real estate bubbles to bust. There were five North American cities on this list. One was in Canada and the other four were in the United States. These cities were Vancouver, San Francisco, Chicago, and New York City.
Another graph shown in the article shows the number of concessions agents are giving renters in New York City. These concessions are shown in comparison with the number of rental vacancies throughout the city. It is obvious that leasing agents are doing what they can to get their empty spaces filled.
Potential renters in the New York City have a great many number of real estate agents to choose from to help find their dream homes. This is true whether the potential clients are looking to purchase or rent a property. One of the top leading real estate firms in the city is Town Residential.
Town Residential employs dozens of real estate agents. These agents specialize in all aspects of the city’s real estate industry, including finding rental units. The agents are committed to finding their client’s the best properties for their money.
Although the real estate industry is obviously headed for another bubble bust, in New York City, there is no need to panic. Prices, whether sales or rental, can only go so high before falling back down. This is a normal part of the economy. Obviously the real estate industry, in some areas, is preparing to shift back to a seller’s market.