For the renters among our readers, we’re sorry to predict that the picture ain’t getting prettier. We expect that the rental market will continue exhibiting strength in 2016, going into 2017. We simply see no catalysts for rents to soften. With vacancy rates in the low single digits and the overall quality of rental inventory increasing, we expect more record-breaking statistics across the boroughs, especially in Manhattan & Brooklyn. Further, despite more inventory coming online from new rental developments, it is insufficient for the growing demand of rental properties coming from both the perpetual renter and sideline-buyer demographics. Therefore, if you have a decent lease and you have an opportunity to renew it for two years, we’d recommend doing so, postponing a rental reckoning for another two years.
2016 Predictions: Rentals
