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Apartment rents declined in some of the country’s priciest cities during the third quarter, a dramatic reversal that could signal the end of a six-year boom for the U.S. rental market.
Rents in San Francisco declined 3%, while they fell about 1% in New York and edged lower in Houston and San Jose, Calif., the first drops in those markets since 2010, according to apartment tracker MPF Research. Across the U.S., rent growth was 4.1% on average. According to a report by Axiometrics Inc., growth in the U.S., slowed to 3% in the third quarter from 5.2% in the year-earlier period. The rate remains above the long-term average of about 2%, the report said. Q3 Corporate Relocations Driven by Demand for Class A Space According to new research from Cushman & Wakefield, large corporate relocations -- driven mainly by state incentives and steady yet modest employment gains -- propelled Northern and Central New Jersey into one of their best quarters of office leasing in recent history as vacant space tightened markedly in some market segments and particularly for Class A space. So you're selling your house. You could keep the listing short and simple: "3BR, 1BA, eat-in kitchen." Or you could do what real estate agent Maryanne Elsaesser did when she wrote this listing description for a client's home: "With magical, embracing arms, this home can whisk you right back to your childhood. Remember racing down the street with your brand new Schwinn bike to be greeted by the smell of bacon frying for your special BLT lunch…." "Let's face it," said Elsaesser, of Coldwell Banker in Wyckoff. "Everyone knows it's a three-bedroom, one-bath home. In my opinion, you have to trigger the other senses." |
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