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Market Report

New York Multifamily Market
Report

2025 Investment Forecast

New Office Jobs Draw Affluent Renters as
Investors Navigate Regulatory Landscape

Employment growth fuels transit-oriented rental demand. Following a surge in office space leasing at the end of 2024, hiring among the metro’s traditionally office-using firms is climbing. Expansions by major employers such as Apple and Amazon underscore this trend, with new high-paying roles at these companies attracting residents and bolstering local demand for market rate apartments. While metrowide inventory growth is forecast to remain under 1 percent this year, nearly half of the new supply will be concentrated in Brooklyn, potentially leading to some localized supply pressure. Demand here is expected to remain strong, however, as lower living costs than in Manhattan, new job opportunities and extensive transit infrastructure have fueled the metro’s fastest-growing renter base. Meanwhile, supply pressure is easing in the Bronx despite a vacancy rate near 1 percent. Vacancy is also under the 2 percent threshold in Queens, whose 2025 delivery slate falls below that of Brooklyn and Manhattan. Moreover, new traffic congestion laws that took effect at the onset of this year could heighten demand near major transit hubs and within the toll zone as renters seek to mitigate rising commuting costs.

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