Written by Noah Rosenblatt of UrbanDigs
Rental Market Activity Update
New Manhattan rental listings continued their fourth week of increases with a surge to near seasonally in-line numbers. During the week of May 4 – May 10, 2020, 996 new rental listings were added to the
market, a 45% increase compared to the week before, and only 11% shy of the year-ago total. Although it remains to be seen how many of these new listings are due to COVID-19 related vacancies, this increase represents the largest weekly gain in new listings for 2020 to date and further suggests that landlords are gearing up for recovery in market action as the typically active summer rental season begins.
On the tenant side, although the weekly number of leases signed of 307 represents a decline of 68% from a year ago, this is the highest weekly total since the shutdown began and indicates that renters are slowly beginning to emerge. As the active season begins, it will be worth watching the spread between new listings and leases signed, as that will be indicative of future price action.
Year-Over-Year Summary of 1st Week of May (May 4-May 10) market activity:
● New Rental Listings: 996 (a decline of 11% compared to 1,119 in 2019)
● Lease Signed: 307 (a decline of 68% compared to 958 in 2019)
● Off-Market: 123 (a decrease of 46% compared to 228 in 2019)
Week-to-Week Comparing the 5th Week of April 2020 to the 1st Week of May 2020’s market activity:
● New Rental Listings: 996 (an increase of 45% compared to 686 the week before)
● Lease Signed: 307 (an increase of 32% compared to 233 the week before)
● Off-Market: 123 (a decrease of 30% compared to 176 the week before)
Rentals Data source: RLS. Monday to Sunday defines a “week” of data. May 4-May 10 is the 1st Week of May.
YEAR-OVER-YEAR NEW LISTINGS
New Listings During the 1st Week of May:
2019: 1,119
2020: 996 (-11%)
YEAR-OVER-YEAR NEW LEASE SIGNED/RENTED
Lease Signed During the 1st Week of May:
2019: 958
2020: 307 (-68%)
YEAR-OVER-YEAR OFF MARKET RENTALS
Listings Removed During the 1st Week of May:
2019: 228
2020: 123 (-46%)
