As new development in New York remains subdued it’s worth noting that in the Census’ quarterly residential vacancy survey, the Northeast saw a substantial improvement compared to Q1 of this year (6.8% to 5.6%); slightly higher that the 2019 average of 5.2%.
When you pair that with less rental concessions and upward pressure of wages – the national average hourly rate increased 3.50% y-o-y – we may see green shoots for the multifamily sector in NY, which may hopefully spillover to other asset classes such as retail, office and hospitality. Regardless, of what happens we are just happy to see some sense of normalcy in both the debt and equity markets with pricing and terms approaching pre pandemic levels. For more information in regards to what we are seeing feel free to reach out to us.
