{"id":1032,"date":"2021-05-21T08:52:52","date_gmt":"2021-05-21T08:52:52","guid":{"rendered":"https:\/\/www.yardimatrix.com\/blog\/?p=1032"},"modified":"2023-09-12T15:07:35","modified_gmt":"2023-09-12T15:07:35","slug":"manhattan-multifamily-market-report-spring-2021","status":"publish","type":"post","link":"https:\/\/www.yardimatrix.com\/blog\/manhattan-multifamily-market-report-spring-2021\/","title":{"rendered":"Manhattan Multifamily Market Report &#8211; Spring 2021"},"content":{"rendered":"\n<h2 class=\"wp-block-heading\">Stimulus Bill Underscores Silver Lining<\/h2>\n\n\n\n<p>In line with other gateway metros, New York City, which heavily relies on tourism, business travel and service industries, proved particularly vulnerable to the health crisis that ground the city\u2019s economy to a near halt in 2020. Year-over-year, the <strong>average Manhattan rent was down 14.3%<\/strong> as of March. However, while rents continued to contract, they have done so at a steadily decelerating rate after reaching an October 2020 bottom.<\/p>\n\n\n\n<p>The New York metro area lost more than 1 million jobs in 2020. While the region\u2019s main economic engines\u2014including Wall Street, big corporations and the tech industry\u2014have stood the test better than initially anticipated, low-wage workers and small businesses continue to struggle. Glimmers of hope emerged as <a href=\"https:\/\/www.yardimatrix.com\/blog\/covid-cash-kicks-off-new-policy-era-for-cre\/\"><strong>the American Rescue Plan<\/strong><\/a> allocated an estimated $100 billion to the state, with $6.1 billion in direct aid carved out for the city government, significantly enhancing New York City\u2019s outlook. However, the recovery is going to be a steep climb, according to economists and analysts.<\/p>\n\n\n\n<p>Manhattan had 5,078 rental units under construction as of March, 94% of which are targeting high-income renters. Nearly half the pipeline is slated to come online this year, with an additional 1,647 units expected for delivery in 2022. Meanwhile, some $932 million in multifamily assets of more than 50 units traded last year, down 40% compared to 2019 and marking the decade\u2019s low point.<\/p>\n\n\n\n<p>Read the full <strong><a href=\"https:\/\/www.yardimatrix.com\/publications\/download\/file\/1254-MatrixMultifamilyManhattanReport-Spring2021?utm_source=Matrix-Blog&amp;utm_medium=Social\" target=\"_blank\" rel=\"noreferrer noopener\">Matrix Multifamily Manhattan Report-Spring 2021<\/a><\/strong><\/p>\n\n\n\n<div class=\"wp-block-spacer\" style=\"height: 45px;\" aria-hidden=\"true\">\u00a0<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Stimulus Bill Underscores Silver Lining In line with other gateway metros, New York City, which heavily relies on tourism, business travel and service industries, proved particularly vulnerable to the health crisis that ground the city\u2019s economy to a near halt in 2020. Year-over-year, the average Manhattan rent was down 14.3% as of March. However, while [&hellip;]<\/p>\n","protected":false},"author":650,"featured_media":1033,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[12,4],"tags":[449,221],"class_list":["post-1032","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-metro-reports","category-real-estate-trends","tag-manhattan","tag-multifamily-outlook-2021"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Manhattan Multifamily Market Report - Spring 2021 - Yardi Matrix Blog<\/title>\n<meta name=\"description\" content=\"With 1 million jobs missing from New York City, the boroughs have a long road ahead. As of March, Manhattan rents were down 0.5% to $3,626 on a trailing three-month basis.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.yardimatrix.com\/blog\/manhattan-multifamily-market-report-spring-2021\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Manhattan Multifamily Market Report - Spring 2021\" \/>\n<meta property=\"og:description\" content=\"With 1 million jobs missing from New York City, the boroughs have a long road ahead. As of March, Manhattan rents were down 0.5% to $3,626 on a trailing three-month basis.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.yardimatrix.com\/blog\/manhattan-multifamily-market-report-spring-2021\/\" \/>\n<meta property=\"og:site_name\" content=\"Yardi Matrix Blog\" \/>\n<meta property=\"article:published_time\" content=\"2021-05-21T08:52:52+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-09-12T15:07:35+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.yardimatrix.com\/blog\/wp-content\/uploads\/sites\/39\/2021\/05\/Manhattan-Matrix-Report-iStock-1312444161.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"628\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"lilianam\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Timea-Erika Papp\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Manhattan Multifamily Market Report - Spring 2021 - Yardi Matrix Blog","description":"With 1 million jobs missing from New York City, the boroughs have a long road ahead. 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