search

The Real Deal Logo

Trending

Glossier founder is buyer of $22M Brooklyn townhouseGlossier founder is buyer of $22M Brooklyn townhouseMichael Stern pays $61M for Brickell site of Dolce & Gabbana supertallMichael Stern pays $61M for Brickell site of Dolce & Gabbana supertallStarwood sells four office buildings in Miramar at a loss for $45MStarwood sells four office buildings in Miramar at a loss for $45MBushburg buying Rudin’s half-empty FiDi office building for $160MBushburg buying Rudin’s half-empty FiDi office building for $160M
New York

Job losses, rent decontrol worry investors

Sign Up for the undefined Newsletter

Investors have their eyes on rising vacancy rates and declining rents as they monitor the real estate market amid the downturn, according to Marcus & Millichap’s Apartment Research Market Update, an outlook on the year’s investment market. In Manhattan, investors are worried that an anticipated 7,200 job losses per month will push up vacancy rates. If rent decontrol measures are not successfully appealed, owners could be forced to put rental units back under rent stabilization and reimburse tenants retroactively, another area of concern for investors, according to the report. Developers are expected to bring online nearly 3,200 market-rate apartments this year, compared to 1,225 units last year. TRD