After surging 11.4 percent over the past 12 months, the median national rent for a one-bedroom apartment rose just 0.5 percent in June, according to data from rental marketplace Zumper.

The Grand LA will include a 28-floor Conrad hotel and a 45-story apartment tower that will open this summer. The retail section will debut in 2023.

Multifamily and industrial continue to be in demand among commercial real estate investors, in spite of the new challenges. But the investment environment is changing and with it the calculus for which assets to invest in.

While Manhattan sales typically slow during the summer, market veterans believe they’re seeing more than just a normal seasonal shift.

Rents are up more than 25 percent in one of the nation’s most scorching multifamily markets. That's fueling continued strong investor demand, in spite of rising interest rates.

A city resident needs to make a salary of $110,000 to afford the median asking rent of $2,750 for available apartments.

The option to convert some affordable units to market rates makes housing advocates nervous, but many investors like the diversification that owning affordable apartments offers.

Unless the supply of apartments and homes increases, those rents will stay elevated and even rise barring some significant economic downturn.

For as long as the market allows, brokers, lenders, and investors are cashing in on the real estate boom in America’s prime vacation spots.

Economists say the most important thing New York City can do is encourage construction of new units.