NYC ESCALATING RENTS

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No. 3, New York City* Escalating rents 2007 rent: $2,757 2007 12-month rent change: 9% 2006 12-month rent change: 7.7% 2005 12-month rent change: 5.3% The vacancy rate in New York City is the lowest in the country. The vacancy rate dropped to an incredibly tight 2.1% in 2007 from 2.2% in 2006 and 2.9% in 2005. The city is blessed with a robust economy, one of the best public transportation systems in the world, and entertainment and cultural offerings that are unavailable elsewhere. Residents largely rent and for many of them, condo and co-op prices have rocketed out of reach.

 

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