{"id":6034,"date":"2023-06-23T12:48:45","date_gmt":"2023-06-23T12:48:45","guid":{"rendered":"https:\/\/www.yardimatrix.com\/blog\/?p=6034"},"modified":"2024-03-11T15:41:14","modified_gmt":"2024-03-11T15:41:14","slug":"manhattan-multifamily-market-report-may-2023","status":"publish","type":"post","link":"https:\/\/www.yardimatrix.com\/blog\/manhattan-multifamily-market-report-may-2023\/","title":{"rendered":"Manhattan Multifamily Market Report \u2013 May 2023"},"content":{"rendered":"\n<p class=\"has-normal-font-size\">Read the latest Yardi Matrix <strong><a href=\"\/blog\/manhattan-multifamily-market-report\/\">Manhattan Multifamily Market Report<\/a><\/strong>.<\/p>\n\n\n<hr \/>\n<h2>Job Growth Slows, Rents Going Strong<\/h2>\n<p>Manhattan started 2023 with solid fundamentals, despite the nationwide economic slowdown. Year-over-year, rents in Manhattan were up 7.8% as of March, to an average of $4,631, with growth still outpacing most major metros. Demand remained positive, and occupancy rates for stabilized assets were unchanged from a year ago, at 97.5% as of February\u2014240 basis points above the overall U.S. figure, according to the <a href=\"\/blog\/national-multifamily-market-report\/\"><strong>national multifamily market report<\/strong><\/a>.<\/p>\n<p><iframe id=\"datawrapper-chart-eE7fO\" style=\"width: 0; min-width: 100% !important; border: none;\" title=\"Manhattan vs. National Rent Growth (Trailing 3 Months)\" src=\"https:\/\/datawrapper.dwcdn.net\/eE7fO\/1\/\" height=\"376\" frameborder=\"0\" scrolling=\"no\" aria-label=\"Interactive line chart\" data-external=\"1\"><\/iframe><script type=\"text\/javascript\">!function(){\"use strict\";window.addEventListener(\"message\",(function(a){if(void 0!==a.data[\"datawrapper-height\"]){var e=document.querySelectorAll(\"iframe\");for(var t in a.data[\"datawrapper-height\"])for(var r=0;r<e.length;r++)if(e[r].contentWindow===a.source){var i=a.data[\"datawrapper-height\"][t]+\"px\";e[r].style.height=i}}}))}();\n<\/script><\/p>\n<p>New York City job growth remained above the national average throughout 2022, but a slowdown started in the first quarter of 2023. The city regained 289,500 jobs across all sectors last year, representing a 5.0% expansion. Although this was 130 basis points above the national rate, job growth slowed down from the 6.0% rate recorded in July 2022. According to the NYC Economic Development Corp., the city\u2019s private sector has returned to 99.5% of pre-pandemic job levels. Education and health services led job growth, with 86,700 positions gained and a 5.6% yearly expansion.<\/p>\n<p><iframe id=\"datawrapper-chart-aMe1W\" style=\"width: 0; min-width: 100% !important; border: none;\" title=\"Manhattan Employment Share by Sector\" src=\"https:\/\/datawrapper.dwcdn.net\/aMe1W\/1\/\" height=\"576\" frameborder=\"0\" scrolling=\"no\" aria-label=\"Table\" data-external=\"1\"><\/iframe><script type=\"text\/javascript\">!function(){\"use strict\";window.addEventListener(\"message\",(function(a){if(void 0!==a.data[\"datawrapper-height\"]){var e=document.querySelectorAll(\"iframe\");for(var t in a.data[\"datawrapper-height\"])for(var r=0;r<e.length;r++)if(e[r].contentWindow===a.source){var i=a.data[\"datawrapper-height\"][t]+\"px\";e[r].style.height=i}}}))}();\n<\/script><\/p>\n<p>Developers brought 2,231 units online in 2022, representing a 0.7% expansion of stock\u2014160 basis points below the U.S. rate. Although completions improved from the previous year, they remained below the borough\u2019s five-year average. Multifamily investment has ramped up considerably, with $4.9 billion in sales last year\u2014the highest amount since 2015.<\/p>\n<p>Read the full <strong><a href=\"https:\/\/www.yardimatrix.com\/publications\/download\/file\/3927-MatrixMultifamilyManhattanReport-May2023\" target=\"_blank\" rel=\"noopener\">Matrix Multifamily Manhattan Report-May 2023<\/a><\/strong><\/p>","protected":false},"excerpt":{"rendered":"<p>Job Growth Slows, Rents Going Strong Manhattan started 2023 with solid fundamentals, despite the nationwide economic slowdown. Year-over-year, rents in Manhattan were up 7.8% as of March, to an average of $4,631, with growth still outpacing most major metros. Demand remained positive, and occupancy rates for stabilized assets were unchanged from a year ago, at [&hellip;]<\/p>\n","protected":false},"author":753,"featured_media":6035,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[12,5,4],"tags":[449,475],"class_list":["post-6034","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-2023"],"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 May 2023 - Yardi Matrix Blog<\/title>\n<meta name=\"description\" content=\"Although slowing, rents in Manhattan were up 7.8% YoY through March, to $4,631 on average, according to Yardi Matrix data.\" \/>\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-2023\/\" \/>\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 May 2023\" \/>\n<meta property=\"og:description\" content=\"Although slowing, rents in Manhattan were up 7.8% YoY through March, to $4,631 on average, according to Yardi Matrix data.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.yardimatrix.com\/blog\/manhattan-multifamily-market-report-may-2023\/\" \/>\n<meta property=\"og:site_name\" content=\"Yardi Matrix Blog\" \/>\n<meta property=\"article:published_time\" content=\"2023-06-23T12:48:45+00:00\" \/>\n<meta property=\"article:modified_time\" 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