It is hotter than ever here on the concrete streets of Manhattan! Not necessarily ideal for apartment showings but it is reflective of the hot real estate market that is happening in NYC.
No one expected New York City to bounce back like it has, myself included. All of my experienced colleagues say this is the best market since the early 2000’s. I’ve been skeptical, sometimes even too skeptical, but every time we list a property it receives multiple offers right away.
One year ago, we couldn’t find any renters, now there is a lineup of prospects as soon as an apartment hits the market. Last year we were haggling over concessions, but those days are gone as we head back to pre-pandemic rent prices. It’s been an unbelievable rush over the past few months in anticipation for companies to fully re-open offices in the second half of the summer.
Will this momentum continue? Has everyone who needed to move, done so already? Is there still an appetite for second homes? The next couple months will show us.
Spotlight this month is on inflation impacting rental prices. The data shows rental prices are going up, along with the home prices, food, energy, and basically anything and everything we consume.
