EPISODE

Making sense of the NYC real estate market with Jonathan Miller

In this episode of the podcast, appraiser Jonathan Miller, president and CEO of Miller Samuel, joins host Emily Myers to discuss what buyers, sellers, and renters in New York City can take away from the real estate data as we head into 2023.

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By Emily Myers | November 21, 2022 - 12:30PM | TRANSCRIPT

Rents in New York City are currently 15 percent higher than they were before the pandemic but concessions (like free rent given by a landlord to entice someone to sign a lease) are actually starting to rise. That's good news for renters. In this episode of the podcast, appraiser Jonathan Miller, president and CEO of Miller Samuel, joins host Emily Myers to discuss what buyers, sellers, and renters in NYC can learn from the real estate data as we head into 2023.

Another important data point is luxury rents—where people pay more than $8,000 a month—and they are skewing the overall market higher, when in fact Miller says there's "a slight downward shift in rents."

Part of the discussion on the show is about the interconnectedness of the sales and rental markets. Mortgage rates have risen sharply related in part to federal policy and apartment sales have slowed because of uncertainty about the economy. That's pushing more New Yorkers into an already competitive rental market.

One tip: If you want to follow sales price trends in NYC you need to look at inventory and months of supply—the metrics that tell us how many apartments are available and how quickly they are selling. When months of supply go above eight and a half, buyers get some leverage.

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The Brick Underground podcast explores every aspect of buying, selling, and renting in NYC so you can better navigate the market, find a deal, make sense of the legal jargon, and stay one step ahead of the competition.

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Emily Myers

Senior Writer/Podcast Producer

Emily Myers is a real estate writer and podcast host. As the former host of the Brick Underground podcast, she earned four silver awards from the National Association of Real Estate Editors. Emily studied journalism at the University of the Arts, London, earned an MA Honors degree in English Literature from the University of Edinburgh and lived for a decade in California.

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Brick Underground articles occasionally include the expertise of, or information about, advertising partners when relevant to the story. We will never promote an advertiser's product without making the relationship clear to our readers.

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