New York rental market summer update

After months of soaring rents, monthly rent growth for a median apartment in NYC stayed at 1.3 percent in June. The first time in a while since it has not increased - A sign of a cooling rental market which only means the housing market is a great time to buy in NYC, even with high-interest rates.

It is a good idea to get into the market now because there are more options and less competition at the moment. Let's not forget Gen Z will soon be entering the housing market creating competition down the line. Also, during this market climate, I have seen sellers tend to be more realistic with their buyers. Did you also know there is a shortage of buildings in Manhattan? YES. We are under building which will make it much harder once the economy rebounds due to supply-demand rationing, making it much more challenging to get a deal later on. As we head into a recession, high-interest rates makes it intimidating to purchase a home; however, keep in mind rates will come down and you will be able to refinance in the future. The time is now before 130M+ Gen Zers and Millennials beat you to it! Get ahead of your competition.

If you or anyone you know is looking to purchase a property and have any questions, please Email me 📧 : alyssa@devmarketingteam.com