Nationally, a family moves once every 3.7 years, we take a conservative view and say 5 years, 1:5. There are approximately 8.4 million residents in New York City, 32.9% are homeowners for 2008, or 2,763,600. Therefore 552,720 (1:5 of the 32.9%) will be looking to purchase a new home in 2009.
Forbes Magazine reported in its March 18, 2009 issue, that “Rebounding fastest should be multi-family rental properties and apartments…” Most acquisitions will be leased, while garnering equity as the economic crisis quells, once again.