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Why Are These Renters Smiling?

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  • Why Are These Renters Smiling?



    WHEN Whitney Pettyjohn and her 19-year-old sister, Chelsey, moved to Brooklyn last August, the best deal they could find in their price range was a two-bedroom in Bushwick with unreliable heat, nine blocks from the Morgan Avenue stop on the L train. It cost $1,700 per month.

    When they looked again this year, they found a very different market. Four weeks ago, they moved two stops closer to Manhattan, into an apartment with more character and more storage for the exact same price.

    “We’re one block from the subway,” Ms. Pettyjohn, 24, said. “It’s like living in a dream!”

    Rents are down throughout New York. According to the February Manhattan Rental Market Report produced by the Real Estate Group, a New York brokerage firm, rents in the borough have fallen “across the board.”

    The biggest drop was in studio apartments in doorman buildings, which have fallen 8.33 percent from the same time last year.

    Read more...

    Also watch "Jim Rogers "America is out of control" demise of the dollar" video - click here...

    Cheers

    Marc
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