{"id":4715,"date":"2022-09-09T11:47:52","date_gmt":"2022-09-09T11:47:52","guid":{"rendered":"https:\/\/www.yardimatrix.com\/blog\/?p=4715"},"modified":"2023-09-13T05:17:28","modified_gmt":"2023-09-13T05:17:28","slug":"august-2022-manhattan-multifamily-market-report","status":"publish","type":"post","link":"https:\/\/www.yardimatrix.com\/blog\/august-2022-manhattan-multifamily-market-report\/","title":{"rendered":"[August 2022] Manhattan Multifamily Market Report"},"content":{"rendered":"\n<h2 class=\"wp-block-heading\">Rents, Occupancy Continue Recovery<\/h2>\n\n\n\n<p>Manhattan had a tall task set for itself at the midpoint of 2021, with <strong><a href=\"https:\/\/www.yardimatrix.com\/blog\/manhattan-multifamily-market-report-may-2022\/\">rents still down <\/a><\/strong>and occupancy cratering, but one year later, the comeback is well underway. The borough\u2019s rent growth, at <strong>1.2% on a trailing three-month <\/strong>basis as of June, outpaced the nation by 10 basis points, while the average rate reached $4,445, the highest level in the U.S. Meanwhile, the average occupancy rate in stabilized assets was 97.2% as of May, up 210 basis points year-over-year.<\/p>\n\n\n\n<p><strong>New York City continued its job recovery<\/strong>, adding 403,000 jobs in the 12 months ending in May, for employment growth of 5.8% year-over-year. Leisure and hospitality jobs accounted for more than a third of that number, as the sector continues to drive employment activity through the recovery. Megaprojects are still a presence in Manhattan. Part of the Hudson Yards master planned district, 601 West 29th Street is the largest multifamily project underway, set to add 938 units when completed.<\/p>\n\n\n\n<p>Investment activity was tepid during the previous two years, mostly due to the health crisis and rent control measures, but sales activity during the first half of 2022 made up for that, with more than <strong>$3 billion in multifamily deals<\/strong> recorded. The average per-unit price reached $752,988, having more than doubled during the past decade. Construction activity remained very limited, with just 339 units added to the borough\u2019s inventory<\/p>\n\n\n\n<p>Read the full <strong><a href=\"https:\/\/www.yardimatrix.com\/publications\/download\/file\/2666-MatrixMultifamilyManhattanReport-August2022\">Matrix Multifamily Manhattan Report-August 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>Rents, Occupancy Continue Recovery Manhattan had a tall task set for itself at the midpoint of 2021, with rents still down and occupancy cratering, but one year later, the comeback is well underway. The borough\u2019s rent growth, at 1.2% on a trailing three-month basis as of June, outpaced the nation by 10 basis points, while [&hellip;]<\/p>\n","protected":false},"author":650,"featured_media":4716,"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-4715","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>[August 2022] Manhattan Multifamily Market Report - Yardi Matrix Blog<\/title>\n<meta name=\"description\" content=\"Following a tough pandemic period, Manhattan\u2019s multifamily market is enjoying a strong run, outperforming national rent growth by 10 basis points.\" \/>\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\/august-2022-manhattan-multifamily-market-report\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"[August 2022] Manhattan Multifamily Market Report\" \/>\n<meta property=\"og:description\" content=\"Following a tough pandemic period, Manhattan\u2019s multifamily market is enjoying a strong run, outperforming national rent growth by 10 basis points.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.yardimatrix.com\/blog\/august-2022-manhattan-multifamily-market-report\/\" \/>\n<meta property=\"og:site_name\" content=\"Yardi Matrix Blog\" \/>\n<meta property=\"article:published_time\" content=\"2022-09-09T11:47:52+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-09-13T05:17:28+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.yardimatrix.com\/blog\/wp-content\/uploads\/sites\/39\/2022\/09\/Manhattan-iStock-627041138.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":"[August 2022] Manhattan Multifamily Market Report - Yardi Matrix Blog","description":"Following a tough pandemic 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