The dynamics of the rental market in New York City have changed. The New York Times, Wall Street Journal, Real Deal, and others are running articles about the shift in rents. Let's take a deeper dive... How did we get here? Market rents in NYC have risen dramatically over the past five years. In many cases, year-over-year increases were in the double digits as owners and developers realized a very strong demand from millennial renters who "paid up" for high-quality renovations and building amenities.
NYM GroupFebruary 2, 2017