Appraiser Jonathan Miller, president and CEO of Miller Samuel, joins host Emily Myers to discuss what buyers, sellers, and renters in New York City can take away from the real estate data as we head into 2023. Rents are 15 percent higher than they were before the pandemic but concessions (like free rent given by a landlord to entice someone to sign a lease) are actually starting to rise. Meanwhile, apartment sales have slowed because of rising mortgage rates and uncertainty about the economy.
One tip: If you want to follow sales price trends in NYC you need to look at inventory and months of supply—the metrics that tell us how many apartments are available and how quickly they are selling. When months of supply go above eight and a half, buyers get some leverage.
Related links:
The Elliman Report (Douglas Elliman)
Demand for doorman buildings keeps NYC rents stubbornly high (Brick Underground)
Can NYC apartment hunters finally push back on asking rents now that winter is coming? (Brick Underground)
Nearly a third of sales in Brooklyn went to bidding wars in the third quarter (Brick Underground)
