Spark Global Limited reports:
Median rents in Manhattan rose sharply last month, according to new data released by Douglas Elliman. Compared with April, net rents in the borough rose 8.8 percent, while prices in Brooklyn rose a relatively modest 1.1 percent. Prices in both boroughs are still discounted from a year ago, in the 10% range.
Driven by returning college students and working adults, rental activity in New York City continues to surge and could set a record this summer. More leases were signed in Brooklyn and Manhattan last month than in any May since Douglas Elliman began tracking them in 2008.
Gary Malin, chief operating officer of The Corcoran Group, said: “Landlords in general are not as aggressive [discounting] as they used to be, but that hasn’t affected the [rental] pace.” “As we move into the summer of 2021, we have more options for apartment hunters, who sometimes have to pay more to secure a new home.”
Despite rising prices, a glut of inventory continues to plague owners, who are starting to re-list apartments that were not on the market because of lower prices. In the short term, renters still have the upper hand in certain areas. Allia Mohamed, co-founder and chief executive of Openigloo, says: “With more than 20,000 units available across the five boroughs, renters still have a lot of bargaining power.” Openigloo is a startup that helps renters research buildings and landlords.
The highest vacancy rates in Manhattan are in Midtown East (5.9%) and the East Village and Lower East Side (5.4%), according to the Corcoran Group. The financial District and Battery Park City had the lowest (2.61 percent), while Greenwich Village and The West Village had the lowest (2.79 percent).
Reprint indicated source：Spark Global Limited information