According to this week’s market reports, 13.6 percent of New York City millennials get parental assistance in paying rent and Manhattan rental rates rose by just 0.5 percent in February.
Rentals | Town Residential
The median rent in Manhattan stayed flat in February, inching up by just 0.5 percent on a month-over-month basis to $3,418. The modest increase stayed consistent for apartment types. Studios (1.1 percent increase to $2,600), one-bedrooms (0.4 percent increase to $3,400), two-bedrooms (2.2 percent increase to $4,600), and three-bedrooms or bigger (2.7 percent to $4,923) all registered price hikes. Brooklyn and Queens figures went the opposite direction. Brooklyn rents dropped 0.6 percent to $2,682, while Queens posted a two percent decline to $2,700. Read the report here.
Rentals and Sales | Apartment List
In the New York metro area, 13.6 percent of millennials receive parental assistance in paying rent. Out of those who get help from their parents, one in three are absolved of paying rent altogether. The embrace of parental assists extends to homebuyers. The survey found that 18.1 percent of New York millennials accept help with their down payments. Read the report here.
Sales | Olshan
There were 21 contracts signed in Manhattan at $4 million and above between March 5 and 11, marking the sixth consecutive week that sales went over 20 transactions. The most expensive contract was for Penthouse B at 20 East End Avenue in Yorkville, which was sold with a last asking price of $27.9 million. Read the report here.
Americas Investor Intentions Survey | CBRE
Commercial real estate’s love affair with the co-working industry has its limits. A majority of owners are not ready to fully commit their buildings to a co-working operator. In a survey of nearly 300 investors, the sweet spot for co-working occupancy was found to be at one-third or less of an office building. Read the report here.