With Manhattan’s median rent falling and available inventory at a fourteen-month high, tenants have more negotiating power and choice.
Market Reports
After two years of a pandemic-induced housing frenzy, sales trends on the East End are starting to normalize.
The Miami Beaches market was hindered both on the supply side, by extremely low inventory, and on the demand side by rising interest rates.
Demand was active in Palm Beach. However, sales fell 44% annually from a record-breaking 2Q, returning to pre-pandemic levels.
In September, the New York City rental market began to moderate when compared to the summer’s intense conditions.
The Brooklyn market is humming with activity, despite sales numbers being down across the borough.
3Q 2022 ranks as the fourth-best quarter since 2008, proving that activity throughout the Manhattan market is still incredibly active.
Historically speaking, August is the busiest month for NYC’s rental market, so it’s typical that rents and leasing activity climbed.
Whether July’s Manhattan findings are a temporary blip—or the start of a longer-term trend—is the million-dollar question.