Roughly 24 percent of the city’s real estate transactions included a concession from the landlord, showing that prospective renters and buyers are wielding more power in the market.
Time on the market is steadily increasing, as well, as the hot and heavy desire for luxury development is beginning to mellow. In Queens, the average vacancy period has nearly doubled in the course of a year. Meanwhile, prices for new, luxury apartment space in Manhattan decreased more than 5 percent since this time last year. One expert contends that this market is quickly becoming the weakest, as supply increases but demand remains the same.
Unfortunately for buyers and renters, the market remains stable ? which means rent and property prices probably aren’t going to decrease anytime soon. The average rent in Manhattan steadily approaches the $4,000 mark, which is still just barely affordable for most New Yorkers. Though this is an indication of a strong and healthy market, it is also distressing for those hoping to upgrade from a Queens walk-up to a luxury development in the East Village.
Change is the only constant in the New York real estate market, so the current stability likely won’t last too long. However, whether we will see another breathtaking rise or a heart-wrenching plummet in prices is yet to be determined.