Developers in Midtown are meeting the increase in demand for residences by building new developments such as Hyde Midtown and Midtown 8, industry experts say.

With such developments underway, experts point to a higher demand for rentals in the Midtown area. …

Assessing the market as a whole, Jay Steinman, P.A., a partner at Duane Morris LLP, said, “The residential market in Midtown continues to grow and has witnessed an escalation in prices over the past few years.”

However, he said, due to developers building up Midtown, condo prices have begun to decrease and flatten.

“It’s a temporary situation due to the overabundance of new condos,” he said, “but I think the market will straighten out in the next 12-18 months, causing values to rise once again.”

Looking forward, he predicted Midtown will continue to a be residential hot spot due to its proximity to prime retail and dining options, making it a place to live, play and work.

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