REZI Releases NYC Rental Market Insights: January-June 2021
NEW YORK, July 29, 2021 /PRNewswire/ -- REZI, the pioneer of the iRental market, today releases the results of their Market Insights Report, an analysis of NYC's rental market trends through real-time neighborhood performance data for the first six months of 2021.
Using over 100 data points sourced from a collection of proprietary and public resources, REZI compares borough and neighborhood-level data across average rental price, days on market, (DoM), and average vacancy loss for all currently marketed apartments to provide a complete view of NYC's rental market.
Topline Findings for an Average NYC Apartment:
At the end of Q2 and halfway through 2021, New York City experienced typical seasonal trends with increased leasing velocity. Despite these trends, gross listings are still mostly stagnated, noting a slight decrease of 1.2% in the average NYC listing rent since January 2021, with relatively high vacancy loss across all boroughs.
While change in both Days on Market (DOM) and Projected Vacancy Loss shows enormous improvement from January 2021 - down by 40% and 30% respectively - the stagnation of listing rents suggests we are still far away from seeing the city in a full-swing recovery.
The densest and most developed areas of NYC throughout Manhattan and Brooklyn saw gross listing rent increase largely due to typical seasonal trends.
Key neighborhoods throughout Queens and the Bronx saw stagnate or even declining gross listing rent as renters look elsewhere.
Days on Market Findings:
Average Vacancy Loss:
Days on Market
For the full Market Insights Report please visit: https://leasing.rentrezi.com/market-insights.
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