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New York City Housing Shortage Highlights Need For More Development

forbes.com · 1,806 words · saved by 1 readers

High rise and new construction as seen from Flatbush Avenue in downtown Brooklyn - the area has seen ... [+] A recently released study confirms what every New Yorker knows; the demand for housing is outstripping supply and rents are climbing as a result. New York City’s net rental vacancy rate was 1.41% in 2023, the lowest vacancy rate since 1968 and a significant decline from 2021 when the rate was 4.54%, according to the New York City Department of Housing Preservation and Development’s Housing and Vacancy Survey. Conducted in partnership with the U.S. Census Bureau every three years since 1965, the survey showed an even lower vacancy rate, under 1%, for rents below $2,399. Free market rents are escalating as a result. New York City saw a 5.4% year-over-year rent increase in February, the highest in the country, according to the Yardi Matrix. In contrast, Austin, which has added more than 4.0% to its housing stock in the last 12 months and has 64,000 units under construction, showed

Real Estate New York City Housing Shortage Highlights Need For More Development By Shimon Shkury , Contributor. Forbes contributors publish independent expert analyses and insights. I write about real estate investment, capital markets and research. Follow Author Mar 20, 2024, 09:01am EDT This article is more than 2 years old. High rise and new construction as seen from Flatbush Avenue in downtown Brooklyn - the area has seen a significant increase in new residential development in recent years. (Photo by Epics/Getty Images) Hulton Archive A recently released study confirms what every New York

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