After a few uncertain years, New York’s apartment market seems to be normalizing once again. When the COVID-19 pandemic hit and the work-from-home trend settled in, apartment demand in New York took a significant hit, as people moved out of the city for more affordable living. At its low point in 1st quarter 2021, there were nearly 70,000 fewer occupied units in New York than there were before the pandemic began. The rebound in 2021 and 2022 was equally notable, as apartment operators implemented concessions and rent cuts – some as deep as 30% – to attract the renter base back to the city. As consumer sentiment improved and the economy leveled out, demand fell back to more normalized trends. As of 3rd quarter 2023, there were over 46,000 more occupied units in New York than there were four years ago. In that same time frame, over 71,000 new units have completed.
For more information on the state of the New York apartment market, including forecasts, watch the webcast Market Intelligence: 2024 New York Apartment Outlook.
