“The rental market traditionally very seasonal; this year is different,” said Andrew Barrocas, CEO of residential brokerage MNS. “The vacancy rate has not gone up and prices are strong in the fall going into winter.”
Mr. Barrocas credits a weak apartment sales market with much of the unusual strength in rentals. Among other things, he notes that individuals are now required to put down more than the 10% of the sale price for a purchase, unlike the boom years. Some people just don’t want to commit that amount of money in what remains an uncertain market, he added.
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