Market Research Report: New York City – Q4 2017

Numerous high-wage industries generating stable base of renter households.  Powered by a diverse employment spectrum and containing more than 8.5 million residents, New York City benefits from a consistent supply of new households.  Due to the extreme price of single-family housing, the vast majority of the households seek rental accommodations, particularly in the core boroughs of Manhattan and Brooklyn where prices are highest.  As a result, vacancy rates in these boroughs, and broadly metrowide, have posted significant deterioration, falling to an overall 2 percent average at the end of the third quarter.  While competition rates have edges higher during the past year, the sheer volume of demand will keep vacancy near the lowest levels of the current cycle.

Download