Want to buy or rent in New York City? The price is the price. No if’s, and’s, or but’s.
Strong Demand = Zero Room to Negotiate
An average 0% negotiability rate was posted for luxury homes in Manhattan last week. Already this year, this luxury market has had four weeks in which there were 40+ sales per week, according to Olshan Realty. The sales volume on the 40+ sales last week hit nearly $308M and a median asking price of approximately $5M.
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Due to strong demand and low inventory, Manhattan’s luxury market has been averaging a negotiability rate of 4% since the beginning of 2022. (Last year’s negotiability rate was 9%.) Last week’s 0% negotiability rate has not been since 2014.
Additionally, in all market tiers, New York City saw a record number of sales last week…sales numbers not seen in 33 years.
Highest NYC Residential Rent Prices in Three Decades
The median price of a rental unit in New York City hit $3,644/month last week, an increase of +23% y/y. This is the highest median rent price NYC rentals have seen in three decades.
Approximately 20%, or one in five, of leases assigned last week were signed above asking prices at an average of +9.7% above list.
Thoughts about Direction of NYC’s Residential & Commercial Marketplace
Jan Hatzius, chief economist with Goldman Sachs, believes that residential investment will move sideways during 2022 due to the housing market’s extreme imbalance of supply and demand. Hatzius also thinks that pricing won’t slow down until next year.
Howard Lorber, president of Douglas Elliman, believes that despite hybrid working arrangements for many, office leasing will be “just fine” in newer and/or redone office buildings. On the other hand, Lorber is less optimistic about older buildings as leases come due in the next couple of years.
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