Matrix Multifamily Manhattan Report-Spring 2021 May 18, 2021

Manhattan takes steps forward

With 1 million jobs missing from New York City, the boroughs have a long road ahead. As of March, Manhattan rents were down 0.5% to $3,626 on a trailing three-month basis. More than 5,000 new units are also under construction, meaning pressure on pricing is likely to stick around even as the job market improves.