In Manhattan, the vacancy rate ticked up from January to February as apartments took longer to find tenants and leasing activity slowed.
Market Reports
Manhattan landlords are experiencing just enough winter traffic that they don’t feel compelled to reduce rents.
Sales activity in the Hamptons continued to decline versus last year’s highs.
The Miami Beaches market was hindered both on the supply side, by extremely low inventory, and on the demand side by rising interest rates.
Q4 brought a significant rise in active listings — and prices — in a market recently known for its low inventory and high demand.
In Manhattan, December leasing activity closely matched 2019 levels while median rent remained unchanged for the past 90 days.
At the close of 2022, Brooklyn was not immune to the challenges affecting almost every for-sale market.
One of the strongest markets ever shifted to a more challenging environment as buyers’ needs and the economy changed.
Disappointed in the lack of further rent relief, many of Manhattan’s renters responded by staying put.