Well, here’s a case in point of how where one sits determines where one stands: While many of us spend our days decrying rising rents in the city, one real-estate research firm is cheering it—and expressing concern that new housing now being built could force rents lower.
The report from Axiomatics finds that rent in the metro area grew 2.2 percent in June, higher than the 1.7 percent found in June “considerably higher than the -1.3% reported in December 2013.”
But the firm believes that there were”“4,704 new units delivered in 2013; that total is anticipated to ramp up to 7,879 this year. By 2015, Axiometrics forecasts 16,469 units to come online.”
“That new supply could moderate the positive effective rent growth and occupancy we’ve been seeing for the first half of the year,” said Jay Denton, the company’s vice president of research.
The report divides the region into several sections. Midtown West is on track to have nearly 5,000 new units available by the end of next year. Brooklyn is expected to get more than 4,000 new units and Queens around 2,400 over two years.