Making sense of the NYC real estate market with Jonathan Miller
Rents in New York City are currently 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. That's good news for renters. In this episode of the podcast, appraiser Jonathan Miller, president and CEO of Miller Samuel, joins host Emily Myers to discuss what buyers, sellers, and renters in NYC can learn from the real estate data as we head into 2023.
Another important data point is luxury rents—where people pay more than $8,000 a month—and they are skewing the overall market higher, when in fact Miller says there's "a slight downward shift in rents."
Part of the discussion on the show is about the interconnectedness of the sales and rental markets. Mortgage rates have risen sharply related in part to federal policy and apartment sales have slowed because of uncertainty about the economy. That's pushing more New Yorkers into an already competitive rental market.
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.
We welcome your feedback on this or any of our other episodes. Leave us a rating or review wherever you get your podcasts. We also love to answer your questions. You can share comments and ask NYC real estate questions here:
The Brick Underground podcast explores every aspect of buying, selling, and renting in NYC so you can better navigate the market, find a deal, make sense of the legal jargon, and stay one step ahead of the competition.
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