New Lease Contracts in New York City Hit a New Record

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.”