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.
04 June 2024
Follow the podcast
Don't forget to follow the podcast, wherever you listen to them.
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.
