Jonathan Miller of Matrix RE released a rental study of Manhattan real estate:
Last week we released our rental study and the consensus was that the rental market was strong, better than the sales market (and expensive). So I thought I’d present the past 20 years and look at some of the peaks. When adjusted for inflation, the perspective of when peak was actually changes quite a bit.
Curbed has argued Manhattan rents are rising, but as Jonathan points out, that is before you account for inflation. Back out CPI price increases, and you end up with a different view of NYC rental prices. As Jonathan notes, “adjusted for inflation – we have a long we to go before we see actual peak numbers.”
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