After record vacation months, the New York rental market is starting to show signs of rebounding, although discounts still abound.
In Manhattan, more leases were signed last month than in any December of more than a decade, raising the median rental price 1.3% from November. Vacancies, meanwhile, fell from a record 6.14% in November to 5.52%.
The results, released by broker Douglas Elliman and valuator Miller Samuel, indicate that prices in the region may start to recover soon, which may depend on the state of the economy as a whole, which remains precarious.
Part of the reason for the surge in signatures can be explained by the discounts owners continue to offer. Manhattan’s mid-range studio, for example, was rented 20.9% less in December compared to the previous year, at $ 2,083. The median of two rooms was rented for $ 3,993, a decrease of 20.1%. Some tenants are also returning thanks to the arrival of coronavirus vaccines, which hopefully have signaled the end of the pandemic, even as the virus persists ravage the country.
A similar spike in signings plays out in Brooklyn, where the median studio is renting 22.9% less than in December 2019; However, both houses are down just 1.3%. The vacancy rate is also decreasing there. There were 1,291 new leases signed in December, the highest month since the financial crisis, according to the authors of the reports.
The sales market across New York City, meanwhile, is sizzling, in part thanks to historically low interest rates. In Brooklyn, Queens and Riverdale, for example, median selling prices hit record highs last month.
The same is true across the country, as millions of Americans working remotely have sought more space and comfort. In October, national home prices recorded the fifth largest monthly gain since 1996 and the largest increase in 15 years.
One factor that will shape future prices in New York City is the number of people who will return when the pandemic ends. The New York Times valued in May that 420,000 inhabitants fled the city between March 1 and May 1, or about 5% of the population. Some flew temporarily to their hometowns, others locked themselves in posh homes upstate or the Hamptons, while countless numbers are gone for good.
For those who are planning to go back to the Big Apple, at the moment there are plenty of discounts.
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