Scorecard: Far fewer new development rentals hit the Manhattan market in 2015

A roundup of news and data on the residential and commercial markets

TRD New York /
Jan.January 26, 2016 12:00 PM
 

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.

 

Related Articles

arrow_forward_ios
Photo illustration of the Williamsburg Bridge (Getty, iStock) 

As Manhattan struggles, Brooklyn’s sales market is “booming”

As Manhattan struggles, Brooklyn’s sales market is “booming”
209 Dean Street and 315 Adelphi Street (Google Maps)

Sprawling Brooklyn townhouses drive week’s priciest deals

Sprawling Brooklyn townhouses drive week’s priciest deals
Manhattan’s 10019 zip code, which covers Midtown, Times Square, Herald Square and Midtown South, saw the most foreclosures in the borough with eight. (Credit: iStock)

Manhattan foreclosures soar 118%, driven by mortgage defaults

Manhattan foreclosures soar 118%, driven by mortgage defaults
FiDi sees a spike in sales, renters “camping out” in outer boroughs and more of the biggest trends in resi right now

FiDi sees a spike in sales, renters “camping out” in outer boroughs and more of the biggest trends in resi right now

FiDi sees a spike in sales, renters “camping out” in outer boroughs and more of the biggest trends in resi right now
(Credit: Miller Samuel)

Rents rise to $3K mark in Brooklyn, Queens

Rents rise to $3K mark in Brooklyn, Queens
(Credit: Miller Samuel)

Manhattan landlords offering fewer concessions these days

Manhattan landlords offering fewer concessions these days
Manhattan tenants are pushing back against landlords’ raising rent

Manhattan tenants are pushing back against landlords’ raising rent

Manhattan tenants are pushing back against landlords’ raising rent
Sluggish sales market continues to bolster Manhattan rents: Elliman

Sluggish sales market continues to bolster Manhattan rents: Elliman

Sluggish sales market continues to bolster Manhattan rents: Elliman
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...