{"id":8331,"date":"2024-09-12T10:11:00","date_gmt":"2024-09-12T10:11:00","guid":{"rendered":"https:\/\/www.yardimatrix.com\/blog\/?p=8331"},"modified":"2025-02-07T10:19:29","modified_gmt":"2025-02-07T10:19:29","slug":"manhattan-multifamily-market-report-august-2024","status":"publish","type":"post","link":"https:\/\/www.yardimatrix.com\/blog\/manhattan-multifamily-market-report-august-2024\/","title":{"rendered":"Manhattan Multifamily Market Report \u2013 August 2024"},"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>Advertised Rents Solid, Investment Grows<\/h2>\n<p>Manhattan came out strong in the first half of the year, with most fundamentals above national levels. Average advertised asking rents were up 0.7% on a trailing three-month basis through June, to $4,941. New York City recorded the strongest year-over-year rent growth, at 4.8%, with Manhattan matching the city, well above the 0.6% national rate, as noted in the <a href=\"\/blog\/national-multifamily-market-report\/\" rel=\"\"><strong>U.S. multifamily market report<\/strong><\/a>. Meanwhile, occupancy in the borough remained positive, at 97.8%, as of May.<\/p>\n<p><iframe id=\"datawrapper-chart-ABK1x\" style=\"width: 0; min-width: 100% !important; border: none;\" title=\"Manhattan vs. National Rent Growth\" src=\"https:\/\/datawrapper.dwcdn.net\/ABK1x\/1\/\" height=\"323\" 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>NYC unemployment was 4.4% as of May, preliminary data from the Bureau of Labor Statistics shows. Although this was up 20 basis points year-over-year, it highlighted the metro\u2019s continued post-pandemic recovery. The city added 107,300 net jobs in the 12 months ending in April, which marked a 1.1% expansion of the workforce and lagged the U.S. figure by 30 basis points. Education and health services, the city\u2019s largest sector, gained 106,200 jobs, while information (-16,000) and professional and business services (-11,600) saw significant losses.<\/p>\n<p><iframe id=\"datawrapper-chart-NcdO5\" style=\"width: 0; min-width: 100% !important; border: none;\" title=\"Manhattan Employment Share by Sector\" src=\"https:\/\/datawrapper.dwcdn.net\/NcdO5\/1\/\" height=\"423\" 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>Development has slowed down in Manhattan, as some companies are concentrating on completing large projects that began a few years ago. No properties of more than 50 units came online in the first half of the year, while construction starts amounted to 2,617 units\u2014on par with last year. Meanwhile, investment improved, with $621 million in multifamily sales, marking a year-over-year improvement and bucking the national trend of declining activity<\/p>\n<p>Read the full Yardi Matrix Manhattan Multifamily Market Report: <a href=\"\/publications\/download\/file\/6078-MatrixMultifamilyManhattanReport-August2024\" rel=\"\"><strong>August 2024<\/strong><\/a><\/p>","protected":false},"excerpt":{"rendered":"<p>Advertised Rents Solid, Investment Grows Manhattan came out strong in the first half of the year, with most fundamentals above national levels. Average advertised asking rents were up 0.7% on a trailing three-month basis through June, to $4,941. New York City recorded the strongest year-over-year rent growth, at 4.8%, with Manhattan matching the city, well [&hellip;]<\/p>\n","protected":false},"author":436,"featured_media":7834,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[12,5,4],"tags":[449,511],"class_list":["post-8331","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-2024"],"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 August 2024 - Yardi Matrix Blog<\/title>\n<meta name=\"description\" content=\"Advertised asking rents were up 4.8 percent YoY in Manhattan as of June, reaching $4,941 and outranking the rest of the nation.\" \/>\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-august-2024\/\" \/>\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 August 2024\" \/>\n<meta property=\"og:description\" content=\"Advertised asking rents were up 4.8 percent YoY in Manhattan as of June, reaching $4,941 and outranking the rest of the nation.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.yardimatrix.com\/blog\/manhattan-multifamily-market-report-august-2024\/\" \/>\n<meta property=\"og:site_name\" content=\"Yardi Matrix Blog\" \/>\n<meta property=\"article:published_time\" content=\"2024-09-12T10:11:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-02-07T10:19:29+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.yardimatrix.com\/blog\/wp-content\/uploads\/sites\/39\/2024\/06\/Manhattan-iStock-2161462006.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=\"Adina Rogoz\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Tudor Scolca-Seusan\" \/>\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 \u2013 August 2024 - 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