Remember when apartment renters were allegedly fleeing urban areas? New York City just marked its third consecutive quarter of 1.8 percent vacancy at the end of June, maintaining a two-decade low in this metric, Marcus & Millichap reported.
The mean effective rent in NYC will reach $2,870 per month, nearly 6 percent above the 2019 rate. Nearly every other market in the US has seen spikes of double-digits for the past several years, and by as much as 40% in some markets.
But national rent growth has finally slowed, if not deteriorating, according to CoStar.
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