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REZI Releases NYC Rental Market Insights: January-June 2021
NEW YORK, July 29, 2021 /PRNewswire/ -- REZI, the pioneer of the iRental market, today releases the results of their Market Insights Report, an analysis of NYC's rental market trends through real-time neighborhood performance data for the first six months of 2021.
Using over 100 data points sourced from a collection of proprietary and public resources, REZI compares borough and neighborhood-level data across average rental price, days on market, (DoM), and average vacancy loss for all currently marketed apartments to provide a complete view of NYC's rental market.
Key Terminology:
- Days on Market (DOM) - The amount of time a vacant unit has been advertised on the market
- Vacancy Loss - The amount of rental income lost during a vacancy, inclusive of Days on Market and Tenant Move-in Delays
- Monthly Net Effective Rent - The amount of rent collected, adjusted for vacancy loss
Topline Findings for an Average NYC Apartment:
- Average Days on Market - 36
- Average Listing Rent - $3,199
- Average Vacancy Loss - $6,035
At the end of Q2 and halfway through 2021, New York City experienced typical seasonal trends with increased leasing velocity. Despite these trends, gross listings are still mostly stagnated, noting a slight decrease of 1.2% in the average NYC listing rent since January 2021, with relatively high vacancy loss across all boroughs.
While change in both Days on Market (DOM) and Projected Vacancy Loss shows enormous improvement from January 2021 - down by 40% and 30% respectively - the stagnation of listing rents suggests we are still far away from seeing the city in a full-swing recovery.
Brooklyn shows the most improvement, with 9 of the top 10 lowest average days on market neighborhoods, leading to the lowest borough average days on market of 23 days for June 2021. Conversely, Queens was home to 5 out of only 9 neighborhoods in New York City that saw an increase in average days on market since January 2021. Holistically, the Bronx saw the lowest decrease in average days on market, down by only 14% boroughwide since January 2021
Average Listing Rate Findings:
The densest and most developed areas of NYC throughout Manhattan and Brooklyn saw gross listing rent increase largely due to typical seasonal trends.
Key neighborhoods throughout Queens and the Bronx saw stagnate or even declining gross listing rent as renters look elsewhere.
- Since January 2021, only a select few neighborhoods passed above the average gross listing rent.
- More importantly, the citywide average gross listing rent has actually decreased by 1.2% since January 2021, likely due to a shift in available inventory as well as deal-savvy renters continuing to shop around for the best deal.
Days on Market Findings:
Month over month, the findings saw the average days on market for each borough decrease steadily with a total decrease of 39.6% across all New York City Neighborhoods.
- 18 neighborhoods saw Days on Market increase over the past month, suggesting that even as typical seasonal trends increase leasing velocity, vacancy downtime remained an issue.
- As rents start to climb, the data suggests days on market will continue to level out across the board with less drastic declines than what has been seen the past few months.
Average Vacancy Loss:
The average vacancy loss across most boroughs continued to go down largely due to typical seasonal trends.
- Manhattan remained the borough with the highest vacancy loss largely due to higher average listing rents than the rest of the city - 82% higher average vacancy loss than other boroughs in June 2021.
- The Bronx and Queens, both of which feature the two lowest average listing rents in NYC, saw an increase in average vacancy loss from May to June 2021, driven by increasing average days on market.
- Over the course of the past six months, these boroughs also saw the smallest declines in vacancy loss since January 2021.
Days on Market
Since January 2021, the data saw more neighborhoods pass the threshold below NYC's average days on market, also likely due to typical seasonal trends. However, key neighborhoods have benefited - mainly throughout Brooklyn and Manhattan - while other neighborhoods saw little change since January 2021.
For the full Market Insights Report please visit: https://leasing.rentrezi.com/market-insights.
About REZI
Launched in 2018, REZI's is a marketplace for residential leases whose proprietary AI technology and unique products drive better leasing results for both tenants and rental property owners.
Media Contact:
Loren Pomerantz
917-902-0219
[email protected]
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SOURCE REZI
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