{"id":3079,"date":"2022-02-03T13:39:56","date_gmt":"2022-02-03T13:39:56","guid":{"rendered":"https:\/\/www.yardimatrix.com\/blog\/?p=3079"},"modified":"2023-09-21T07:47:38","modified_gmt":"2023-09-21T07:47:38","slug":"manhattan-real-estate-market-trends-january-2022","status":"publish","type":"post","link":"https:\/\/www.yardimatrix.com\/blog\/manhattan-real-estate-market-trends-january-2022\/","title":{"rendered":"Manhattan Real Estate Market Trends (January 2022)"},"content":{"rendered":"<h2>Ongoing Recovery Lacks Consistency<\/h2>\n<p>As the hardest-hit major city in the U.S., New York City\u2019s recovery has been less than speedy. Lately, <strong>Manhattan in particular saw solid demand<\/strong>, <strong>with rents rising during the second half of 2021<\/strong>. <strong>Rents were up 0.8%<\/strong> on a trailing three-month basis as of November, just 20 basis points below the U.S. average. <strong>Occupancy held strong<\/strong>, with the average rate in stabilized properties at 96.4% as of October. With the impending end of the eviction moratorium drawing close, the market is waiting for the fallout from the measure.<\/p>\n<p>Employment has been New York City\u2019s largest problem by far, with unemployment most recently at 9.4%, nearly double the fast-recovering national rate. <strong>The market has largely struggled to regain its workforce<\/strong>, as most of the drop in unemployment has mainly been due to large numbers of people leaving the labor force, rather than slow job growth. Programs aiming to boost employment in some of New York City\u2019s hardest-hit sectors\u2014such as the $100 million New York State Tourism <strong>Return-to-Work Grant Program<\/strong> \u2014are directly trying to tackle the expansion of the workforce.<\/p>\n<p>At $1.1 billion last year through November, <strong>multifamily investment had already outperformed 2020 totals<\/strong>, signaling some improvement, although a pre-pandemic high seems unlikely. Development largely stalled in 2021, but the pipeline showed some bright spots, with 6,369 units under construction.<\/p>\n<p>Read the full <a href=\"https:\/\/www.yardimatrix.com\/publications\/download\/file\/1395-MatrixMultifamilyManhattanReport-January2022\"><strong>Matrix Multifamily Manhattan Report-January 2022<\/strong><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Ongoing Recovery Lacks Consistency As the hardest-hit major city in the U.S., New York City\u2019s recovery has been less than speedy. Lately, Manhattan in particular saw solid demand, with rents rising during the second half of 2021. Rents were up 0.8% on a trailing three-month basis as of November, just 20 basis points below the [&hellip;]<\/p>\n","protected":false},"author":650,"featured_media":3080,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[12,5,4],"tags":[449,444],"class_list":["post-3079","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-2022"],"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 Real Estate Market Trends (January 2022) - Yardi Matrix Blog<\/title>\n<meta name=\"description\" content=\"With rent growth significantly rebounding during the year\u2019s second half following a prolonged downward trend, the borough\u2019s average rent was the still the highest among major markets, at $4,172, up 0.8% 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-real-estate-market-trends-january-2022\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Manhattan Real Estate Market Trends (January 2022)\" \/>\n<meta property=\"og:description\" content=\"With rent growth significantly rebounding during the year\u2019s second half following a prolonged downward trend, the borough\u2019s average rent was the still the highest among major markets, at $4,172, up 0.8% on a trailing three-month basis.\" \/>\n<meta property=\"og:url\" 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