Despite concerns than foreign investors would snatch up expensive condo properties around Manhattan, keeping the supply our of reach of local renters, analysts report rental prices are dropping as new supply enters the market.
"A condo-development boom that added thousands of luxury homes to the Manhattan market is benefiting renters willing to pay up for high-end accommodations," reports Oshrat Carmiel. "Buyers -- in many cases out-of-town investors -- are taking possession of their new apartments and seeking to become landlords. That’s swelling the number of upscale rentals available and pushing down leasing costs for wealthy tenants."
The article echoes news from February, also reported by Carmiel, that new supply was stabilizing housing prices in Manhattan. In the most recent article, Carmiel quotes Jonathan Miller, president of New York-based appraiser Miller Samuel Inc., in describing the dynamics at play at the upper end of the Manhattan real estate market: "Luxury sales activity in Manhattan has brought more luxury rentals," said Miller. "It’s the hidden supply entering the market."
The article includes more data and more anecdotes about the effects of the new supply on the market.
FULL STORY: Manhattan Luxury Rents Slide as Condo Buyers Seek Tenants
A Housing Boom in San Francisco?
We've seen builders responding to high demand for residential housing Manhattan and Seattle, but could it be happening in San Francisco? Sort of, according to San Francisco Chronicle business columnist, Kathleen Pender.
Zero New Housing Permits Issued in Manhattan Last Month
July was a dead month when it comes to approving new housing units.
Rents Falling, Vacancies Spiking: The NYC Rental Market Is Shifting
The rental market is triggering metrics not seen since the depths of the Great Recession, according to a new report on the state of the rental market in three New York City boroughs.
Florida Considers Legalizing ADUs
Current state law allows — but doesn’t require — cities to permit accessory dwelling units in single-family residential neighborhoods.
Manufactured Crisis: Losing the Nation’s Largest Source of Unsubsidized Affordable Housing
Manufactured housing communities have long been an affordable housing option for millions of people living in the U.S., but that affordability is disappearing rapidly. How did we get here?
Research Shows More Roads = More Driving
A national study shows, once again, that increasing road supply induces additional vehicle travel, particularly over the long run.
EV Chargers Now Outnumber Gas Pumps by Nearly 50% in California
Fast chargers still lag behind amidst rapid growth.
Affordable Housing Renovations Halt Mid-Air Amidst DOGE Clawbacks
HUD may rescind over a billion dollars earmarked for green building upgrades.
Has Anyone at USDOT Read Donald Shoup?
USDOT employees, who are required to go back to the office, will receive free parking at the agency’s D.C. offices — flying in the face of a growing research body that calls for pricing parking at its real value.
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