Dear Friends and Clients,
We’ve received many questions over the past three months regarding how recent changes will affect the market. As Q1 draws to a close, we’re beginning to see a general trend of uncertainty. Buyers, sellers, and landlords alike are paying close attention to the day-to-day economic shifts, and course-correcting their listing and buying strategies in real-time.
Rent reached a record high, with the median rent in Manhattan creeping up to $4,500 last . This is caused by a number of factors, but the clearest among them is a fear of economic uncertainty. It’s expected that rent will continue to rise throughout Manhattan and Brooklyn, particularly as the busy spring and summer markets kick into gear.
Supply is up nearly 6% over , as sellers who waited for warmer weather begin to list on the open market. Furthermore, pending deals are up nearly 10% compared to this time last year. By remaining agile and surrounding themselves with observant advisors, prepared buyers and sellers can tune out the chaos, and make strategic and thoughtful transaction decisions.
Best Wishes,
