Rents Falling at the Upper End of New York's Real Estate Market

The construction of thousands of rental apartments in Manhattan, Brooklyn, and Queens are credited with driving down costs at the upper end of the New York City rental market.

1 minute read

November 23, 2016, 12:00 PM PST

By James Brasuell @CasualBrasuell


One57

Henning Klokkeråsen / Flickr

Josh Barbanel reports on the state of the high-end rental market in New York City: "Finding tenants for upscale apartments has pitted individual investors against each other and even against developers. The pressure of competition is putting pressure on rent levels."

"Developers are offering as many as three months of free rent. Individual investors have trouble competing, even after cutting thousands of dollars from asking rents," adds Barbanel.

Barbanel provides plenty of information about the lengths brokers are going to in order to find tenants for luxury apartments, and there's ample evidence of a profound market shift, but only passing mention to the perceived cause of the change. Brokers and developers have been preparing since at least February for a glut in the marketplace, however, according to past articles, and no one in Barbanel's coverage expresses any surprise at the current state of the market.

[The Wall Street Journal might be behind a paywall for some readers.]

Wednesday, November 16, 2016 in The Wall Street Journal

portrait of professional woman

I love the variety of courses, many practical, and all richly illustrated. They have inspired many ideas that I've applied in practice, and in my own teaching. Mary G., Urban Planner

I love the variety of courses, many practical, and all richly illustrated. They have inspired many ideas that I've applied in practice, and in my own teaching.

Mary G., Urban Planner

Get top-rated, practical training

Close-up of "Apartment for rent" sign in red text on black background in front of blurred building

Trump Administration Could Effectively End Housing Voucher Program

Federal officials are eyeing major cuts to the Section 8 program that helps millions of low-income households pay rent.

April 21, 2025 - Housing Wire

Logo for Planetizen Federal Action Tracker with black and white image of U.S. Capitol with water ripple overlay.

Planetizen Federal Action Tracker

A weekly monitor of how Trump’s orders and actions are impacting planners and planning in America.

April 30, 2025 - Diana Ionescu

Ken Jennings stands in front of Snohomish County Community Transit bus.

Ken Jennings Launches Transit Web Series

The Jeopardy champ wants you to ride public transit.

April 20, 2025 - Streetsblog USA

Close-up of white panel at top of school bus with "100% electric" black text.

Driving Equity and Clean Air: California Invests in Greener School Transportation

California has awarded $500 million to fund 1,000 zero-emission school buses and chargers for educational agencies as part of its effort to reduce pollution, improve student health, and accelerate the transition to clean transportation.

April 30 - California Air Resources Board

Aerial view of Freeway Park cap park over I-5 interstate freeway in Seattle, Washington at night.

Congress Moves to End Reconnecting Communities and Related Grants

The House Transportation and Infrastructure Committee moved to rescind funding for the Neighborhood Equity and Access program, which funds highway removals, freeway caps, transit projects, pedestrian infrastructure, and more.

April 30 - Streetsblog USA

"No Thru Traffic - Open Streets Restaurants" sign in New York City during Covid-19 pandemic.

From Throughway to Public Space: Taking Back the American Street

How the Covid-19 pandemic taught us new ways to reclaim city streets from cars.

April 30 - Next City