NYC residential rental market praised in Fed’s Beige Book

New York City’s residential rental market continued to strengthen in fourth quarter, according to the U.S. Federal Reserve Beige Book, and rents continued to rise as the inventory of available units remained lean. Manhattan co-op and condominium prices also remained steady in the fourth quarter, the report says, while sales activity slowed from its brisk third-quarter pace.

Meanwhile, the Beige Book described the New York City commercial office market as having picked up in late 2011, with office vacancy rates edging down and asking rents rising.

“There were also modest signs of improvement” in Westchester and Fairfield counties and in the Albany area, according to the report, while office markets in northern New Jersey and western New York State “appear to have slackened modestly.” — Katherine Clarke