“The brand new rental enterprise – though nonetheless unusually heavy – has not maintained the trajectory that was constructed after the vaccine uptake accelerated within the spring,” he stated. “April, Might and June have been phenomenal volumes, and now we’re nonetheless seeing file exercise, however not on the identical excessive stage as earlier than.”
The median internet efficient lease in Manhattan rose 1.5% month-over-month to $ 3,118 from $ 3,073 in July and was down 1.4% year-on-year from 3 $ 161 in August 2020, in line with the report. That is the smallest year-over-year lease drop since Might 2020, when lease rose simply 0.1% year-over-year, indicating that Manhattan rents increasingly stabilize, Miller stated.
The scale of concessions remained the identical 12 months over 12 months at 1.9 months, however the share of latest leases with concessions rose from 54.2% to 37%, in line with the report. The stock of listings additionally fell dramatically, falling to eight,364 from 11,794 in July and 15,025 in August 2020, whereas the borough’s emptiness price fell to about 3.2%, in line with the report.
The one neighborhood in Manhattan the place median rents elevated 12 months over 12 months was Downtown, the place they rose 2%, from $ 3,750 in August 2020 to $ 3,825 final month. Median rents in higher Manhattan and on the east and west sides all edged down 0.4% to 0.7% 12 months over 12 months, in line with the report.
“One of many causes that the downtown space was the one neighborhood to see an increase within the median rental worth is as a result of it’s experiencing the best costs of the 4 areas,” Miller stated, “and, by due to this fact, this can be a rental market the place we’re witnessing a stronger restoration.
In Brooklyn, the median internet efficient lease was $ 2,722 final month, down 2.4% from July and 5.4% from August 2020, when it was $ 2,878, in line with the report. That is the 14th consecutive month through which the borough’s efficient median internet lease has declined from 12 months to 12 months.
The scale of the concession remained steady 12 months over 12 months at 1.5 months, whereas the share of latest leases with concessions elevated from 43.3% in August 2020 to 31.8% final month. Brooklyn’s itemizing stock fell 54.4% between July and August, from 12,293 to five,608, however elevated 44.2% from August 2020, when it was 3,890 , in line with the report.
In Northwest Queens, the median internet efficient lease final month was $ 2,571, down 4.1% from July when it was $ 2,680, and down 1 , 9% from August 2020, when it was $ 2,622, in line with the report. The concession dimension was two months, up barely from 1.8 months in August 2020 however down barely from 2.3 months in July, and the share of leases with concessions fell to 38.6 % towards 42.5% in July and 59.2% in August of final 12 months.
The neighborhood noticed 549 new leases signed final month, a rise of 37.9% from July and an enormous enhance of 157.7% from August 2020, however the inventory of listings has elevated by one other one. 12 months over 12 months, from 642 in 2020 to 1,010 in 2021, in line with the report.