In Demand: Tri-State Multifamily From Residents and Investors Alike

New York City’s ongoing recovery from the disruption of the COVID-19 pandemic has been a testament to the resilience and enduring appeal of the Tri-State region as a place to live and work. New York City saw an initial outflow of residents when the pandemic began but has since experienced a rebound.

Demand for rental and for-sale housing remains exceptionally high with record-low vacancy and prices likely to remain elevated even in an economic downturn.

The high prices in the housing market are a boon for investors but also a warning sign that inadequate supply could hold back the labor market and restrain job growth if not addressed.

A host of factors are challenging efforts to make housing more affordable, including rising mortgage rates, inflationary pressure in the construction industry, and a slowing economy.

Housing production is essential for the region’s long-term economic expansion. Leveraging high housing demand and public infrastructure improvements to attract investment could pay dividends across the entire Tri-State region.