After suffering through an exodus of renters and effective rates taking a two-year step back in 2020, New York's apartment market is poised for a rebound as businesses begin to reopen and rehire.
While upper-level apartments are still challenged as their residents are more likely to be working remotely and more supply is being delivered, Class B and C apartments are poised for a recovery, according to Marcus & Millichap. Those properties are less exposed to new supply and have recorded more positive fundamentals so far through the pandemic.
Still, Class C residents have been more likely to deal with work stoppages and M&M says vacancy could rise when renter assistance programs and eviction moratoriums expire. Class B, which has renters that are still working but priced out of Class A, may be in the best position.
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Leslie Shaver
Les Shaver has been covering commercial and residential real estate for almost 20 years. His work has appeared in Multifamily Executive, Builder, units, Arlington Magazine in addition to GlobeSt.com and Real Estate Forum.
