According to the latest batch of market reports, more than 30,000 new rental units are coming to the market by the end of the year, New York City’s homeownership rate is less than half the U.S. rate and most condominium buyers prefer all-cash deals.
Residential
Q2 2016 NYC multifamily activity: Marcus & Millichap
Developers have more than 30,000 new rental units in the pipeline to be completed this year, including 11,000 apartments in Manhattan. Read the full report here.
Homeownership and opportunity in NYC: NYU Furman Center
Only 31 percent of New York households owned a home in 2014, and the city had the second-lowest homeownership rate in the county. Read the full report here.
Q2 2016 Real estate broker confidence index: REBNY
Overall broker confidence fell in the second quarter, and has declined each quarter since the end of 2014. Read the full report here.
Manhattan cash sales: Miller Samuel
More than half of all condo buyers paid in cash last year, while 35 of co-op buyers made all-cash deals. Read the full report here.
Commercial
Q2 2016 U.S. commercial real estate lending: CBRE
Commercial real estate lending volume strengthened in the second quarter and loan closings were up 5.7 percent over the same period last year. Read the full report here.