Manhattan's multifamily owners, rental property management firms and other stakeholders witnessed a surge in multifamily sales activity during February.
About 35 transactions took place during the month, accounting for 70 buildings and $404.3 million in gross sales, according to data from Ariel Property Advisors. While there were 34 transactions in January, their gross sales value was only $170.85 million by comparison. The February figures were also substantially higher than those from the previous year, according to the firm.
Rental rates in the area have held steady, according to the information, with March data suggesting average prices may have increased slightly despite 4.3 percent growth in inventory, research firm MNS reports. Analysts at the company indicate that the rental market may tighten further, particularly in prime neighborhoods and larger units, which seem to be in higher demand.
According to Ariel Property Advisors, the February numbers are a good sign for the spring season, typically regarded as a time when both renter and homebuyer activity grows, with investors confident in the market. January's lower numbers are not necessarily a bad sign, according to the firm, since it is generally not a particularly strong month.