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Saturation of High-End Apartments Boosts Demand for Market-Rate Units

Most of the new construction coming online is higher-end rental properties, which has put a strain on the availability of market-rate units because the housing type has seen full occupancy in today's market.

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NEW YORK CITY- Most of the new construction coming online is higher-end rental properties, which has put a strain on the availability of market-rate units because the housing type has seen full occupancy in today’s market. “You don’t see a lot of market-rate apartments being built,” Marc Heller, partner at law firm Akerman, tells GlobeSt.com. “A lot of the marketplace is focused on the higher-end rental market.” 

Due to the lack of market-rate housing to accommodate the middle-class incomes in the 70,000 to 75,000 range, this section is being squeezed by the affordability crisis, according to Heller.  Many are struggling with the costs of housing and utilities and with their overall income, he added.  

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Mariah Brown

Mariah Brown

Mariah Brown is the New York Bureau Chief and Real Estate Reporter for GlobeSt.com, covering the New York Metro area, Northeast region and national real estate trends. She is responsible for producing multi-media content, including articles, podcasts and video. Before joining the GlobeSt team, she served as a New York Times fellow, reported for the Associated Press in New York and Philadelphia and several other New York City-based outlets.

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