From the January issue: Far fewer new-development rental units came to the market in 2015 in Manhattan than during the prior year, according to data provided to TRD by Halstead Property Development Marketing.
Through the middle of December, only 1,738 units had been brought online in Manhattan, compared to 2,484 for all of 2014.
“Unless land prices come down,” said HPDM President Stephen Kliegerman, “expect the trend to continue to lean towards condo development in the future.”
Meanwhile, new-development median rents in Manhattan were down to $4,504 a month in November, an 8.1 percent year-over-year drop, according to a report from Douglas Elliman. They were, however, up 4.3 percent from the prior month.
But the market situation is different on the other side of the East River.
In Brooklyn, a report from brokerage MNS found that average one-bedroom rental prices in prime neighborhoods were up year-over-year, although only modestly, rising just 1.5 percent. And they were down slightly over the prior month. But a spike in housing supply is expected in 2016, according to a report from Axiometrics, a Dallas-based apartment research company. The firm found that Kings County will add over 6,000 new units (rental and condo) in 2016 alone, more than any other market in the country.