{"id":1670,"date":"2021-09-06T08:44:32","date_gmt":"2021-09-06T08:44:32","guid":{"rendered":"https:\/\/www.yardimatrix.com\/blog\/?p=1670"},"modified":"2024-02-06T11:04:36","modified_gmt":"2024-02-06T11:04:36","slug":"manhattan-multifamily-market-report-summer-2021","status":"publish","type":"post","link":"https:\/\/www.yardimatrix.com\/blog\/manhattan-multifamily-market-report-summer-2021\/","title":{"rendered":"Manhattan Multifamily Market Report \u2013 Summer 2021"},"content":{"rendered":"\n<h4 class=\"wp-block-heading\">Manhattan&#8217;s Rent Growth Maintains Upward Trajectory<\/h4>\n\n\n\n<p>As people gradually make their way back to urban cores, rent growth in gateway markets is showcasing the result: As of June, <strong>Manhattan rents were up 2.2%<\/strong> on a trailing three-month basis, to $3,869, more than double the $1,482 U.S. average. On a month-over-month basis, New York City was among the leading markets for short-term rent expansion, with rates up 1.9%, 30 basis points above the national figure.<\/p>\n\n\n\n<p>In the 12 months ending in May, New York City regained 628,000 jobs, with leisure and hospitality leading growth\u2014the industry added 162,500 jobs for a 54.5% increase. As of June, unemployment was 7.7% in New York State and 10.6% in the city, according to preliminary data from the NYS Department of Labor. Both figures were above the 5.6% U.S. rate. While New York City is on the right track, economic recovery is lagging compared to the U.S., and the city\u2019s rebound is expected to be lengthier, with employment anticipated to surpass pre-pandemic levels only in 2024, according to a New York City Independent Budget Office forecast.<\/p>\n\n\n\n<p>Manhattan had 6,026 units under construction as of June, 89% of which are in upscale communities. Yardi Matrix expects 2,307 units to come online in the borough this year, below the 2020 figure. Meanwhile, investment sales amounted to $933 million in 2021 as of June, with some 1,500 units sold in the first half of the year.<\/p>\n\n\n\n<p>Read the full <strong><a href=\"https:\/\/www.yardimatrix.com\/publications\/download\/file\/1313-MatrixMultifamilyManhattanReport-Summer2021?utm_source=Matrix-Blog&amp;utm_medium=Social\">Matrix Multifamily Manhattan Report-Summer 2021<\/a><\/strong><\/p>\n\n\n\n<div style=\"height:44px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Manhattan&#8217;s Rent Growth Maintains Upward Trajectory As people gradually make their way back to urban cores, rent growth in gateway markets is showcasing the result: As of June, Manhattan rents were up 2.2% on a trailing three-month basis, to $3,869, more than double the $1,482 U.S. average. On a month-over-month basis, New York City was [&hellip;]<\/p>\n","protected":false},"author":650,"featured_media":1671,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[12,5,4],"tags":[449,221],"class_list":["post-1670","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-metro-reports","category-multifamily-market","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 \u2013 Summer 2021 - Yardi Matrix Blog<\/title>\n<meta name=\"description\" content=\"As of June, rents in Manhattan increased 2.2% on a T3 basis, to $3,869, more than double the $1,482 U.S. average.\" \/>\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-summer-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 \u2013 Summer 2021\" \/>\n<meta property=\"og:description\" content=\"As of June, rents in Manhattan increased 2.2% on a T3 basis, to $3,869, more than double the $1,482 U.S. average.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.yardimatrix.com\/blog\/manhattan-multifamily-market-report-summer-2021\/\" \/>\n<meta property=\"og:site_name\" content=\"Yardi Matrix Blog\" \/>\n<meta property=\"article:published_time\" content=\"2021-09-06T08:44:32+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-02-06T11:04:36+00:00\" \/>\n<meta property=\"og:image\" 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