{"id":4071,"date":"2022-05-25T11:48:14","date_gmt":"2022-05-25T11:48:14","guid":{"rendered":"https:\/\/www.yardimatrix.com\/blog\/?p=4071"},"modified":"2023-09-13T11:11:30","modified_gmt":"2023-09-13T11:11:30","slug":"manhattan-multifamily-market-report-may-2022","status":"publish","type":"post","link":"https:\/\/www.yardimatrix.com\/blog\/manhattan-multifamily-market-report-may-2022\/","title":{"rendered":"Manhattan Multifamily Market Report &#8211; May 2022"},"content":{"rendered":"\n<h2 class=\"wp-block-heading\">Overcoming Two Tough Years<\/h2>\n\n\n\n<p>Following what have been two very difficult years for the market, <strong><a href=\"https:\/\/www.yardimatrix.com\/blog\/manhattan-real-estate-market-trends-january-2022\/\">Manhattan\u2019s rental sector seems to have stabilized<\/a><\/strong>. <strong>Rent growth ended the first quarter of 2022 at 0.5%<\/strong> on a trailing three-month basis as of March, 20 basis points lower than the national rate of improvement. Given the borough\u2019s average asking rent, at $4,280, increases are still very significant in absolute numbers.<\/p>\n\n\n\n<p>New York\u2019s employment market has faced some of the strongest headwinds in the nation throughout the pandemic, with improvement underway, but slightly underpowered. <strong>The metro added some 389,600 jobs in the 12 months ending in February<\/strong>, but further acceleration is necessary if full recovery is to be achieved. The city\u2019s leisure and hospitality sector has been the most embattled, but even significant gains over the past year\u2014some 155,400 jobs\u2014leave the sector at a 125,000 job deficit since 2020 levels.<\/p>\n\n\n\n<p>Traditionally slow to add rental stock, Manhattan\u2019s multifamily pipeline looks more robust, with <strong>6,897 units under construction<\/strong>, the bulk of which is targeting the upscale segment, which has driven improvement in both rents and occupancy. Meanwhile,<strong> transaction activity in 2022 has already outpaced 2020\u2019s<\/strong> <strong>total<\/strong>, mostly on the back of the sale of the American Copper Buildings to Black Spruce Management. Improvement should endure in 2022, with Yardi Matrix expecting rent growth to reach 5.1% by<br>year-end.<\/p>\n\n\n\n<p>Read the full <strong><a href=\"https:\/\/www.yardimatrix.com\/publications\/download\/file\/2252-MatrixMultifamilyManhattanReport-May2022\">Matrix Multifamily Manhattan Report-May 2022<\/a><\/strong><\/p>\n\n\n\n<div style=\"height:45px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Overcoming Two Tough Years Following what have been two very difficult years for the market, Manhattan\u2019s rental sector seems to have stabilized. Rent growth ended the first quarter of 2022 at 0.5% on a trailing three-month basis as of March, 20 basis points lower than the national rate of improvement. Given the borough\u2019s average asking [&hellip;]<\/p>\n","protected":false},"author":650,"featured_media":4072,"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-4071","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 Multifamily Market Report - May 2022 - Yardi Matrix Blog<\/title>\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-may-2022\/\" \/>\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 - May 2022\" \/>\n<meta property=\"og:description\" content=\"Overcoming Two Tough Years Following what have been two very difficult years for the market, Manhattan\u2019s rental sector seems to have stabilized. Rent growth ended the first quarter of 2022 at 0.5% on a trailing three-month basis as of March, 20 basis points lower than the national rate of improvement. Given the borough\u2019s average asking [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.yardimatrix.com\/blog\/manhattan-multifamily-market-report-may-2022\/\" \/>\n<meta property=\"og:site_name\" content=\"Yardi Matrix Blog\" \/>\n<meta property=\"article:published_time\" content=\"2022-05-25T11:48:14+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-09-13T11:11:30+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.yardimatrix.com\/blog\/wp-content\/uploads\/sites\/39\/2022\/05\/Manhattan-iStock-1392201444.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=\"Alex Girda\" \/>\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 - May 2022 - Yardi Matrix Blog","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.yardimatrix.com\/blog\/manhattan-multifamily-market-report-may-2022\/","og_locale":"en_US","og_type":"article","og_title":"Manhattan Multifamily Market Report - May 2022","og_description":"Overcoming Two Tough Years Following what have been two very difficult years for the market, Manhattan\u2019s rental sector seems to have stabilized. Rent growth ended the first quarter of 2022 at 0.5% on a trailing three-month basis as of March, 20 basis points lower than the national rate of improvement. Given the borough\u2019s average asking [&hellip;]","og_url":"https:\/\/www.yardimatrix.com\/blog\/manhattan-multifamily-market-report-may-2022\/","og_site_name":"Yardi Matrix Blog","article_published_time":"2022-05-25T11:48:14+00:00","article_modified_time":"2023-09-13T11:11:30+00:00","og_image":[{"width":1200,"height":628,"url":"https:\/\/www.yardimatrix.com\/blog\/wp-content\/uploads\/sites\/39\/2022\/05\/Manhattan-iStock-1392201444.jpg","type":"image\/jpeg"}],"author":"lilianam","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Alex Girda","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.yardimatrix.com\/blog\/manhattan-multifamily-market-report-may-2022\/#article","isPartOf":{"@id":"https:\/\/www.yardimatrix.com\/blog\/manhattan-multifamily-market-report-may-2022\/"},"author":{"name":"lilianam","@id":"https:\/\/www.yardimatrix.com\/blog\/#\/schema\/person\/877efe30f5be34ed3f8b5f334c96a8e0"},"headline":"Manhattan Multifamily Market Report &#8211; 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