New York combines a dynamic global economy, deep rental demand and a structurally constrained housing supply.
The recent repricing of real estate valuations, despite rising rents, opens new prospects for investors able to select their assets rigorously.
Manhattan's growth rests on a concentration of high value-added activities, notably finance, professional services and technology. This momentum attracts companies, investment and talent, helping to support housing demand.
Manhattan is also a major employment hub for the entire metropolitan area. Its economic influence therefore benefits well-connected residential neighborhoods in Brooklyn, Queens and the other boroughs.
Sources: US BEA; INSEE, national accounts.
Source: US Census Bureau · jobs 2023, population 2024.
Source: US Census Bureau, American Community Survey · ACS 2020–2024.
Pressure on the New York rental market is intensifying: the shrinking number of available units increases competition among tenants, supports rent growth and reduces vacancy risk for owners.
This reflects a structural imbalance between supply and demand. In an already densely built city, where creating new housing remains complex and costly, scarce supply provides lasting support for rental income.
Source: Corcoran, NYC Residential Rental Market Report · September 2026.
Source: Miller Samuel, Manhattan Rental Market Report · September 2026.
Source: Miller Samuel, Manhattan Rental Market Report · September 2026.
Rising interest rates have repriced residential buildings while rental fundamentals have remained solid. This divergence creates more attractive acquisition conditions for investors able to select assets at revised price levels.
Sources: Ariel Property Advisors; Miller Samuel / Douglas Elliman.
The recent stabilization of cap rates improves visibility on valuations. In this new cycle, our strategy prioritizes the quality of rental income, acquisition discipline and operational value creation, without relying on future rate cuts.
Unlike many US cities, renting in New York is a dominant and long-term way of living, including for long-established households.
This broadens the pool of potential tenants and fuels diversified residential demand that is less dependent on new arrivals. For investors, it contributes to market depth and the continuity of rental demand.
Source: NYU Furman Center; US Census Bureau, American Community Survey, 2024.
The US tax framework offers several mechanisms to optimize the taxation of real estate income and support long-term investment strategies.
Residential rental buildings can generally be depreciated over 27.5 years. This deduction reduces taxable income without a corresponding cash outflow and may be supplemented, subject to conditions, by accelerated depreciation of certain components.
A 1031 exchange allows, subject to conditions, capital gains tax to be deferred when a property is sold and the proceeds are reinvested in another eligible asset. It thus facilitates the reinvestment of pre-tax capital.
The tax treaty between France and the United States governs the taxation of cross-border real estate income and capital gains and provides mechanisms to avoid double taxation.
The actual tax treatment depends on the holding structure and each investor's individual situation.
Investing in New York real estate provides exposure to one of the largest and most diversified economies in the world. US economic growth, per capita wealth and the depth of its labor market create a favorable environment for long-term investment.
Source: World Bank, 2025.
Source: national statistical sources, periods shown.
Source: BEA and INSEE, 2024.
