The great New York rental boom of 2023
With global residential rents surging at three and a half times their pre-pandemic rate, Liam Bailey speaks to New York property guru Jonathan Miller to assess where rental markets are headed in that city as we move towards 2024.
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After a period of robust growth, New York’s tenants will be pleased to learn that rental growth has slowed significantly. Annual growth has dropped from its peak of nearly 40% in Q1 2022 to 2.4% this quarter, with rents declining by 1.3% over the past three months.
This deceleration can partly be attributed to an improvement in new supply delivery following an extended period of limited stock availability, but also results from a limited ability for tenants to pay higher rents as wage growth slows.