According to this week’s market reports, Manhattan apartments are the second smallest in the country and about half of New Yorkers are rent-burdened.
Residential
Rentals | RentCafe
Manhattan and Chicago are tied for having the second-smallest apartments in the country. Units in both cities have an average size of 733 square feet, just above that of Seattle, which has the tiniest apartments in the country with an average of 711 square feet. Manhattan and Chicago rentals are 171 square feet smaller than the national average. In spite of the diminutive size of Manhattan rentals, units in the borough have actually gotten bigger. Over the past ten years, Manhattan units have grown in size by an average of 12 percent. Read the report here.
Rentals | StreetEasy
About half of New Yorkers pay more than the recommended 30 percent of their income in rent. Gen Z renters are the most cost-burdened demographic, with 81 percent saying that they exceed the 30 percent rent-to-income ratio. The affordability problem for many renters is exacerbated by price increases, with 87 percent saying that they experience rent hikes with a median of $250. Renters in Manhattan are most affected by rent increases. About 59 percent of renters in the borough were motivated to move because of a rent hike. Read the report here.
Commercial
National Self Storage Report November 2018 | Yardi
Self-storage development activity in New York City has seen an uptick in spite of a city policy that restricts projects in lots over 50,000 square feet in industrial business zones. Projects that are under construction or in the planning stages now account for 15.9 percent of the city’s existing inventory, up 40 basis point from the previous month. This increase is due to small projects in the outer boroughs. Read the report here.