According to this week’s market reports, rental prices are down overall, average Manhattan condo prices hit $3.1 million in 2016, and NYC’s hotel market is the second on Ten-X’s ‘sell’ list.
November rental markets | MNS
The average price of a rental unit declined in Manhattan and Brooklyn. Rents also fell slightly in Queens. Out of all Manhattan neighborhoods, prices rose the most year-over-year in Soho, ticking up 7.8 percent. Meanwhile, average rents fell by 7.8 percent in the Lower East Side, the most in the borough. Read the full reports on Manhattan, Brooklyn, and Queens.
Eviction analysis | Redfin report
Nationwide, 2.7 million renters faced eviction in 2015, according to an analysis of 6 million eviction records. With rents increasing at close to double the pace of income, one in four families spends more than 50 percent of their income on rent. Read the full report here.
US Hotel Market Outlook | Ten-X
New York City made the ‘sell’ market list at number two. Room inventory increased by 5 percent over the last year, and booth room rates and revenue per room declined. Read the full report here.