Market Research Report: Multifamily – NYC Metro – Q4 2024
New York multifamily market solidly back on track. This past July marked the three-year anniversary of New York City’s post-COVID-19 reopening and found multifamily vacancy at a historically low 1.8 percent. The lack of availability has facilitated consistent, if modest, rent growth, with the metro’s average effective rate up 8 percent in that same three-year span. The return of many quality of life factors to the city, as well as a broad labor market recovery, has reinforced the decades-long renter demand growth trend. This dynamic was true across the…