Despite concerns than foreign investors would snatch up expensive condo properties around Manhattan, keeping the supply our of reach of local renters, analysts report rental prices are dropping as new supply enters the market.
"A condo-development boom that added thousands of luxury homes to the Manhattan market is benefiting renters willing to pay up for high-end accommodations," reports Oshrat Carmiel. "Buyers -- in many cases out-of-town investors -- are taking possession of their new apartments and seeking to become landlords. That’s swelling the number of upscale rentals available and pushing down leasing costs for wealthy tenants."
The article echoes news from February, also reported by Carmiel, that new supply was stabilizing housing prices in Manhattan. In the most recent article, Carmiel quotes Jonathan Miller, president of New York-based appraiser Miller Samuel Inc., in describing the dynamics at play at the upper end of the Manhattan real estate market: "Luxury sales activity in Manhattan has brought more luxury rentals," said Miller. "It’s the hidden supply entering the market."
The article includes more data and more anecdotes about the effects of the new supply on the market.
FULL STORY: Manhattan Luxury Rents Slide as Condo Buyers Seek Tenants
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Urban Design for Planners 1: Software Tools
This six-course series explores essential urban design concepts using open source software and equips planners with the tools they need to participate fully in the urban design process.
Planning for Universal Design
Learn the tools for implementing Universal Design in planning regulations.
City of Albany
UCLA Lewis Center for Regional Policy Studies
Mpact (formerly Rail~Volution)
Chaddick Institute at DePaul University
City of Piedmont, CA
Great Falls Development Authority, Inc.
HUDs Office of Policy Development and Research