We’ve been talking a lot about apartment vacancies, and how they’re plunging to historic lows, as people put off home buying (and home building) and rent up units in multi-person buildings.
Tight supply creates higher prices! And so while we’re generally happy to see signs of tightness in demand since that’s badly needed in the real estate industry (overall) there are downsides.
And renters in New York are really seeing it.
Jonathan Miller has just come out with his latest Manhattan Rental Report…
The median net effective rent (face rent less landlord concessions) jumped 9.5% to $3,121 from $2,950 in the same period last year. The year-over-year-gains were consistent across all rental price indicators as no apparent shift in apartment mix was responsible for the increases.