1-minute Manhattan rental market update
Posted by Wei Min Tan on September 17, 2021
1-minute Manhattan rental market update by Wei Min Tan.
The Manhattan rental market is very hot right now. The three key points to note in this 1-minute rental market update are:
1. 50-70 percent rent increases
2. People moving back to Manhattan
3. No inventory
Key point 1: 50 to 70 percent rent increases
Current Manhattan rental prices are increasing by 50 to 70 percent relative to last year’s pandemic rates.
Key point 2: People moving back to Manhattan
The number of new leases increased by 54.7 percent from last year. It’s because a lot of people didn’t renew their leases last year due to work from home policies which allowed people to work from anywhere in the world. Now that companies are calling employees back to the office, those who left are coming back.
Key point 3: No inventory
The above key points are resulting in zero or very little rental inventory. Multiple tenants are fighting for the few units that are available.
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We focus on global investors buying Manhattan condos for portfolio diversification and long term return-on-investment.
1) Identify the right buy based on objectives
2) Manage the buy process
3) Rent out the property
4) Manage tenants
5) Market the property at the eventual sale
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September 2021 Manhattan real estate market update