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in
Lifestyles
May 24, 2021
in
Lifestyles
May 24, 2021
0

New Lease Contracts in New York City Hit a New Record

The Median Rental Price in April was $2,975. In the meantime, in Miami the combined single family home and condos has approximately doubled

Riccardo RavasinibyRiccardo Ravasini
Provaci ancora Bill: speranze all’orizzonte per New York con il New Deal di de Blasio

Manhattan seen from Roosevelt Island on a spring day, April 2021. Photo: Terry W. Sanders

Time: 2 mins read

Manhattan Rental report–April 2021

The activity is picking up big time but there is still a huge amount of inventory to be absorbed.

April 2021 saw the largest number of new leases ever recorded, encouraged by the continuous price drops.

There were9,087 New Lease Signings by the end of April, nearly seven times more than the same period a year ago, reaching the highest total number of new leases and the highest annual rate of growth since 2008. But we need to highlight that April 2020 was the first full month of the pandemic lockdown.

The Median Rental Price was $2,975, down -18.5%from the previous year while the Net Effective Median Rent decreased -21.2%year over year to $2,791, the second-largest decline since the financial crisis.

The percentage of apartments offered with some form of Concession was 48%, up +12.7% from the same period last year.

The Listing Inventory kept rising to 20,743 properties on the market up by +340% year over year, +5.7% since the last month.

The Vacancy Rate was 11.60%, raising +9.18% from the same period last year.

The Days on Market were 97,66 more than a year ago.

Manhattan Sale Contracts – April 2021

“New signed contracts for all three property types combined expanded annually for the past three months. The new signed contract gains were significantly larger for this March and April because the year-ago period marked the early days of the pandemic lockdown. New inventory jumped annually for the most recent two months for the same reason.”

(source: millersamuel.com)

Miami-Dade April2021 New Signed Contracts

“Single family and condo new signed contracts combined have roughly doubled annually for the third consecutive month. New inventory for single families and condos has increased year over year for the first time in twelve months of tracking as seasonal patterns return.”

(source: millersamuel.com)

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Riccardo Ravasini

Riccardo Ravasini

Riccardo Ravasini è cresciuto in Italia, dove si è laureato in economia all’Università Bocconi di Milano. Dopo il trasferimento a New York, si è subito fatto affascinare dal settore immobiliare. La passione per il Real Estate unita all’esperienza e alla professionalità acquisita negli anni ha fatto sì che Riccardo sia diventato un punto di riferimento per i suoi clienti sia italiani che americani. Affiliato al network Compass Riccardo oltre che a New York è attivo anche nel mercato immobiliare di Miami. Riccardo Ravasini is a residential real estate agent based in New York City. Since 2008 he has led and managed an array of transactions and consulted a diversity of clients – from young professionals and families to individual investors, estates, corporations and more. In 2013, Riccardo became an active realtor in South Florida; his team offers investment properties in the Miami and Ft. Lauderdale markets to clients from all over the U.S. and the world. Riccardo is a graduate of Bocconi University.

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