Tower Revitalization

A study by StreetEasy using New York City data found that newly purchased condos leased in Q2 2017 earned a median return of 2.5 percent, which has remained unchanged since 2016 and is the lowest since 2010. This study does not account for additional costs of ownership, such as mortgage and closing costs, condo fees, property taxes, repairs, and the cost of obtaining tenants. As a result, leasing out condo suites is becoming less attractive due to high costs and low returns, despite the construction boom and perceived strength of real estate markets in New York City and Toronto.