Since the final quarter of 2022, inflated prices and a severe shortage of housing inventory have become the norm in the New York City rental market. A 2023 rental market boom is a stark contrast to the city's sales submarkets, which have seen a decline in value since the early part of last year, Forbes reports.
As inventory dwindles and landlords raise rents, ongoing interest in the rental market is leading to faster and more expensive transactions, even as the for-sale market stagnates.
In summary, we have a rental market at historic highs in every category and a sales market stabilizing and even turning around for less expensive properties, even as the luxury marketplace remains stagnant. So many factors contribute to today’s market reality: high interest rates, political uncertainty, reduced inventory, pricing pressures (whether up or down), and misalignment of expectations between sellers and buyers. In this environment, rental deals move at the speed of light, while every sales transaction is unique.
Advertisement
Related Stories
Build to Rent
Build-to-Rent Is Booming, Particularly in These Metros
A recent report finds that the Phoenix metro leads with more than 4,000 build-to-rent units completed in 2023, and Texas is the leading state for build-to-rent development
Sales + Marketing Trends
Brand Loyalty and Why Builders Should Think Like a Hospitality Brand
Whether its offering that personal touch or incorporating experiences into amenity use, home builders have something to learn from the hospitality industry
Market Data + Trends
Hottest Markets for Rental Activity in February
Looking at February's rental activity, the West continued to be the most desirable region for apartment hunters for the second month in a row, with the South close behind
