Demand Escalates in 2015 for Corporate Housing in New York City and Massachusetts
May 12, 2015 09:18 AM
(New York, NY) May 12, 2015 – Furnished Quarters, the largest provider of temporary furnished apartments in New York City and Boston, today announced that in the first four months of 2015, the company experienced a sharp surge in demand for corporate housing in Manhattan and the Boston/Cambridge area of Massachusetts.
To respond to this increased demand, Furnished Quarters has expanded its available apartment inventory by 15 percent since January 1, 2015. The additional inventory was acquired to service a growing influx of requests for corporate housing received during the first quarter, and to prepare for the upcoming summer season, which is traditionally even busier.
While Q1 and the start of Q2 typically experience a predictable slow-down in bookings for corporate apartments, Furnished Quarters reported that bookings increased rather than dipped in January through April this year. “Normally, Q1 and the first month of Q2 are the slowest rental seasons for corporate apartments,” said Steve Brown, CEO of Furnished Quarters. “This has not been the case at all in 2015, as we’ve seen no slowdown in demand. In fact, demand outweighs supply in our core markets, and we have been working around the clock with developers and landlords to find more apartments that meet our high standards for a growing number of guests.”
Furnished Quarters saw occupancy numbers reach 89 percent during the company’s traditionally slowest season of Q1. This is a 10 percent increase over first-quarter of 2014. To support the high number of requests for apartments, Furnished Quarters has just added two new buildings in New York City (The Sagamore and Le Rivage), a new building in Boston (The Viridian), and a property at 66 Summer Street in Stamford, Connecticut. Additionally, apartments have been added in many of the company’s existing buildings.
“The race to secure spring and summer corporate housing has already begun, so those looking to rent a temporary furnished apartment in Manhattan or the Boston/Cambridge area should book early, based on the trends we’ve seen so far this year,” added Brown. “The rental market in both New York City and Boston has been extremely tight.” In Manhattan, as of January 2015, the median rent price had risen nearly 6 percent over the preceding 12 months, according to the Elliman Report. In Boston, as of January 2015, rent had risen 4.6 percent over the year prior, according to a Zillow market real estate report.
About Furnished Quarters
Furnished Quarters is an independently owned and operated provider of stylishly designed and fully equipped temporary furnished apartment rentals, both nationally and globally, and the largest provider of temporary furnished housing in New York City and Boston. Furnished Quarters also provides a diverse portfolio of temporary furnished apartments in Cambridge, New Jersey, White Plains, and Connecticut. Established in 1998, Furnished Quarters offers one-call access to over 10,000 furnished short-term apartments worldwide. For more information visit furnishedquarters.com.
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