{"id":39809,"date":"2017-01-06T18:04:39","date_gmt":"2017-01-06T11:04:39","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/the-us-has-built-too-many-luxury-apartments\/"},"modified":"2017-01-06T18:26:34","modified_gmt":"2017-01-06T11:26:34","slug":"the-us-has-built-too-many-luxury-apartments","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/the-us-has-built-too-many-luxury-apartments\/","title":{"rendered":"The US has built too many luxury apartments"},"content":{"rendered":"


\nHouston, we have a problem.
\nConstruction works in Boston, USA. Roman Babakin\/Shutterstock
\nA glut in the supply of luxury apartments is gripping the US, forcing landlords to bandy their offerings at a markdown, The Wall Street Journal reported.
\nAround 378,000 new apartments are poised for completion stateside in 2017 \u2014 a 35 percent increase over the 20-year average, according to real estate tracker Axiometrics Inc. The New York metropolitan area alone will double the historical average for the region with almost 30,000 new apartments to be completed this year. Around 85 percent of under-construction units will be in the luxury segment.
\nUS cities may suffer from negligible rental growth this year as a result of the oversupply. \u201cThis will be a very challenged leasing environment almost everywhere,\u201d said Jay Parsons, vice-president of MPF Research, a property consultancy that analyses the US apartment market.
\nMore: Russia\u2019s spy homes in the US \u2013 4 things we know so far
\nLast year saw a 3.8 percent rise in US apartment rents, a modest increase compared with the record 5.6 percent year-to-year growth in Q3 2015, according to an MPF report released this week.
\nThe number of apartments entering the American market seems to be diluting any momentous gain in demand. Although a record 50,000 new units were rented in Q4 2016, around 88,000 new units were completed in the same quarter, a peak unseen since the 1980s.
\nSuch surfeit has led developers to offer deep bargains and other incentives, with reports of landlords waiving security bonds and making the first three months free.
\n\u201cThis is going to be one of the best apartment markets that I\u2019ve seen [for renters]since 2011,\u201d Ric Campo, chief executive of Camden Property Trust, said. \u201cThe consumer is going to have much broader choice at a lower price.\u201d
\nRead next: Chinese property investors are unlikely Trump fans
\n
\nSource : property-report.com
\nRead more…The US has built too many luxury apartments<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Houston, we have a problem. Construction works in Boston, USA. Roman Babakin\/Shutterstock A glut in...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-39809","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-am5","jetpack-related-posts":[{"id":88185,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/construction-of-central-london-new-build-flats-fell-by-a-quarter-in-2017\/","url_meta":{"origin":39809,"position":0},"title":"Construction of central London new-build flats fell by a quarter in 2017","date":"May 14, 2018","format":false,"excerpt":"\r Apartments housed in developments dubbed \u2018posh ghost towers\u2019 struggle to sellConstruction of luxury flats in central London dropped by a quarter last year, with apartments housed in developments dubbed \u201cposh ghost towers\u201d struggling to sell. New-build starts in the capital in 2017 dropped by 25.4% compared to 2016, according\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":139425,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/theres-a-shortage-of-luxury-apartments-in-manhattan-and-its-driving-up-prices\/","url_meta":{"origin":39809,"position":1},"title":"There's a shortage of luxury apartments in Manhattan, and it's driving up prices","date":"October 3, 2023","format":false,"excerpt":"\r The supply of luxury apartments \u2014 defined as the top 10% of the market by price \u2014 has plunged 24% compared to pre-pandemic levels, according to Miller Samuel.\r \r Source : cnbc.com\r Read more...There's a shortage of luxury apartments in Manhattan, and it's driving up prices","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":48702,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/for-sale-russian-tycoons-20-luxury-auckland-apartments\/","url_meta":{"origin":39809,"position":2},"title":"For sale: Russian tycoon's 20 luxury Auckland apartments","date":"March 19, 2017","format":false,"excerpt":"\r A Russian energy and finance tycoon is selling 20 luxury Auckland apartments in one of New Zealand's most sought after and tallest residential building.Nikita Volkov , who is now a naturalised New Zealand citizen, spoke exclusively...\r \r Source : nzherald.co.nz\/Property\r Read more...For sale: Russian tycoon's 20 luxury Auckland apartments","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":48706,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/for-sale-russian-tycoons-20-luxury-auckland-apartments-2\/","url_meta":{"origin":39809,"position":3},"title":"For sale: Russian tycoon's 20 luxury Auckland apartments","date":"March 19, 2017","format":false,"excerpt":"\r A Russian energy and finance tycoon is selling 20 luxury Auckland apartments in one of New Zealand's most sought after and tallest residential building.Nikita Volkov , who is now a naturalised New Zealand citizen, spoke exclusively...\r \r Source : nzherald.co.nz\/Property\r Read more...For sale: Russian tycoon's 20 luxury Auckland apartments","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":48710,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/for-sale-russian-tycoons-20-luxury-auckland-apartments-3\/","url_meta":{"origin":39809,"position":4},"title":"For sale: Russian tycoon's 20 luxury Auckland apartments","date":"March 19, 2017","format":false,"excerpt":"\r A Russian energy and finance tycoon is selling 20 luxury Auckland apartments in one of New Zealand's most sought after and tallest residential building.Nikita Volkov , who is now a naturalised New Zealand citizen, spoke exclusively...\r \r Source : nzherald.co.nz\/Property\r Read more...For sale: Russian tycoon's 20 luxury Auckland apartments","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":48714,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/for-sale-russian-tycoons-20-luxury-auckland-apartments-4\/","url_meta":{"origin":39809,"position":5},"title":"For sale: Russian tycoon's 20 luxury Auckland apartments","date":"March 19, 2017","format":false,"excerpt":"\r A Russian energy and finance tycoon is selling 20 luxury Auckland apartments in one of New Zealand's most sought after and tallest residential building.Nikita Volkov , who is now a naturalised New Zealand citizen, spoke exclusively...\r \r Source : nzherald.co.nz\/Property\r Read more...For sale: Russian tycoon's 20 luxury Auckland apartments","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/39809"}],"collection":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/comments?post=39809"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/39809\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=39809"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=39809"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=39809"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}