UrbanDigs‘ recent survey of Manhattan RLS (REBNY Listing Service) rental data indicated that new rental listings may be slowly coming back onto the market after five weeks of sharp declines.
During the week of April 20-26, 2020, 500 new rental listings were added to the market, a 23% increase compared to the week before. This is the most since the week of March 9, 2020, which was before the New York State pause executive order was put into effect, banning in-person showings (generally viewed as a necessary first step before lease signing). Additionally, the number of leases signed held steady compared to the prior week.
While on a year-over-year basis the number of new listings remains far below usual, the improving weekly data suggest the rental market may be preparing for life after COVID, albeit slowly. Time will tell if this trend continues.
Year-Over-Year Summary of 4th Week of April (April 20-26) market activity:
- New Rental Listings: 500 (a decline of 51% compared to 1,018 in 2019)
- Lease Signed: 197 (a decline of 77% compared to 847 in 2019)
- Off-Market: 120 (a decrease of 47% compared to 226 in 2019)
Week-to-Week Comparing the 3rd Week of April 2020 to the 4th Week of April 2020’s market activity:
- New Rental Listings: 500 (an increase of 23% compared to 407 the week before)
- Lease Signed: 197 (an decrease of 3% compared to 202 the week before)
- Off-Market: 120 (an increase of 20% compared to 100 the week before)
Rentals Data source: RLS. Monday to Sunday defines a “week” of data. April 20-26 is the 4th Week of April.
YEAR-OVER-YEAR NEW LISTINGS
New Listings During the 4th Week of April:
2019: 1,018
2020: 500 (-51%)
YEAR-OVER-YEAR NEW LEASE SIGNED/RENTED
The two red bars are the 2 values displayed under each chart: 4th Week April in 2019 and 4th Week April in 2020.
Lease Signed During the 4th Week of April:
2019: 847
2020: 197 (-77%)
YEAR-OVER-YEAR OFF MARKET RENTALS
The two red bars are the 2 values displayed under each chart: 4th Week April in 2019 and 4th Week April in 2020.
Listings Removed During the 4th Week of April:
2019: 226
2020: 120 (-58%)
