While a recession looms on the horizon, New York continues to lead the pack in virtually every metric. Bullish investors will find this incredibly encouraging, but bearish ones might not. Whatever your appetite for risk, however, investment opportunities continue to abound in the Big Apple.
If you already have a rental property under your belt, you should have no problem finding suitable tenants in NYC. Vacancy rates in the city remain quite low, so competition among renters for your property is high. And the average monthly rent for a one-bedroom apartment in New York rose again. Even with the recent dip in sales prices that some parts of the city like Manhattan have experienced, the overall value of your investment has probably increased. As of 2022, the median sales price in NYC was $767,000.
That’s all well and good, of course, but many new investors will wonder how they can even get a foot on the New York City property ladder, or if real estate investment opportunities in NYC even exist. Manhattan apartment prices hit $1.3 million in 2022—up by more than 7% year-over-year. Some Brooklyn neighborhoods have actually seen prices hit record highs. Translation: You need a solid NYC hard money lender to secure properties of those values.