MyApartmentMap Blog
A curious thing happened during 2007 while the mortgage market was imploding: Median apartment rental prices in major cities shifted dramatically, dropping by up to nine percent in some markets —
For Green, the magic number is six at current interest rates. Here’s what that means: Find a rental property that’s comparable to the property you’re thinking of buying. Figure out how much it costs to rent annually; if the rent is $2,500 a month, you’re spending $30,000 a year, or 6 percent of $500,000.
Investment Instruments Corporation (IIC), the only company devoted to increasing transparency in the real estate market, today released its Q1 Rental Report for 2008, comparing rental rates in Q1 2007 with Q1 2008.
Yesterday we released a new Rental Data tool on MyApartmentMap. You can use this tool to find the average rents in almost any area. You simply go to the city your interested in, for example you might want to see New York City Rental Statistics, and drag the marker around to see the minimum, maximum and average rents in that area.
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