NYC Real Estate Projections For 2023: Here's What Experts Expect

NEW YORK CITY ? Rent relief is coming to New York City in 2023, but change will likely be slow to come, a new real estate analysis projects.

Experts from the real estate site StreetEasy released this month their projections for housing trends that renters can expect in 2023.

According to StreetEasy economist Kenny Lee, the "million-dollar question" is how much rents will dip in 2023, not if.

"The dip in rent will be slower to come," Lee said, but noted. "I think the silver lining is still there."

Landlords won't be able to keep expensive apartments on the market for much longer before renter demand cools and prices drop, according to the study.

Limited inventory ? and the number of priced-out buyers who will continue to rent ? mean the cooling off of prices will come with a "long lag," Lee warned.

New Yorkers have already put in significant waiting time for post-pandemic rents to readjust.

• Rents spiked in New York City this year as prices soared well beyond any other major U.S. metropolis.
• This year also saw the Rent Guidlines Board approve the largest increase for stabilized units in nearly a decade.
• A summer StreetEasy report from Lee found a little less than half of the city's workforce could afford 10 percent of apartments on the market.
• Earlier this month, Douglas Elliman reported Manhattan rents hit the third-highest levels on record.

The StreetEasy study also made forecasts for buyers (they'll be better situated if a recession hits), construction (get ready for cranes, the boom is projected to restart) and the ongoing question of office space.

StreetEasy's prediction: Expect a decision next year on the residential conversion debate.

Read the full StreetEasy study ? 2023 NYC Housing Market Predictions: What Renters, Buyers, and Sellers Can Expect ? for more predictions about 2023.