NYC’s Deal-Filled ‘Renter’s Market’ Could Be At End
“Renters may find that today’s deals won’t be around tomorrow,” a new UrbanDigs report states.
The high supply and low prices prospective New York City tenants saw in this so-called “renter’s market” didn’t show up in for the first weeks of January, a recent UrbanDigs report found.
Rental listings dropped for the first time since the city’s reopening amid the coronavirus pandemic, according to the report. Current rental prices appear to have plateaued, with prices for larger units increasing, the report states.
“As the futures curve improves, renters may find that today’s deals won’t be around tomorrow,” the report states.
Any New York City renter lucky enough to still have the means to pay for a new place knows apartment shopping has been much different over the past few months.
The city’s rental inventory hit a 10-year in July — meaning more apartments were on the market. The offerings also largely dipped in price citywide.
The UrbanDigs report found more contracts were signed so far this January compared to the same time last year. But it also found fewer new units were added to the market and more listings were removed.
“Taken in combination, the overall reduction in new and old inventory lowers competitive pressure on sellers, which could lead to increased pricing power and lower discounts if the current demand pace keeps up,” the report states. “While there’s still a ways to go before the typically-busy spring season, the data suggests that the market may have found its footing at long last.”