Market Research Report: New York City – Q4 2018

Persistent job growth and broad employment base support robust apartment demand. Fueled by the largest population base in the county, the NYC economy remains on solid footing. A host of industries, including a vibrant startup scene, have generated consistent job growth, boosting demand for apartments. As supply increases reached a cycle high in 20176, rent growth slowed as developers utilized incentives to fill new proprieties,s particularly along the East River in Brooklyn and Queens. The pace of construction has since slowed, allowing for a recovery in rent growth, which should continue in 2019 as supply remains below household formation. As a result, rent appreciation will reach the mid-3 percent range, well above the sub-1.5 percent growth registered the previous three years. The most desirable neighborhoods in Manhattan, as well as rapidly stabilizing locations in Brooklyn and Queens, will record increases well above the metro average.

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