Rents ticked slightly higher on the Upper West Side in April as compared to the first quarter, according to Streeteasy, a sign that the rental market may have bottomed out and is headed higher.
The market report showed that the inventory of available apartments in the city is shrinking, indicating that people are moving back in and grabbing apartments that have been sitting on the market. After 12 straight months of price declines, average rents ticked slightly higher on a month-over-month basis.
On the Upper West Side, the median asking rent was $2,800 in April, up from $2,717 in the first quarter. But Streeteasy cautioned that the signs of a rebound are still relatively faint — the market is still very subdued when compared with April 2019, and there’s considerably more inventory out there. On the Upper West Side, average rents are still down 17.6% versus April 2019.
“In April, the median asking rent in Manhattan was $2,799 — up $14 from March. But it’s still down significantly from April 2019, when the median was $3,400. There were 28,185 units available for rent in Manhattan in April. That’s a 32% decline from the record high inventory seen in August 2020. But it’s still 40% more than what was available in April 2019. While inventory is coming down, there are still deals to be had. A record-high 45.2% of Manhattan rentals advertised concessions of at least one month of free rent in April.”
As far as sales prices go, the median asking price was $1.66 million in April, up from $1.39 million in the first quarter.
The median price in the UWS is… calculating, calculating… 16 TIMES higher than that in Brooklyn?!
Wait, apartments in Brooklyn are $175 a month?!?!
Shaun, is that you? 😄
haha! ha ha ha!
Until the next big thing hits the city.
It could be another outbreak of the pandemic.
A terror attack, or, most likely, a crime wave spiking up and up and up, especially if (most likely) another progressive democrat take over city hall for another 4 years.
you must be fun at parties.
Don’t you remember?
We were at the same party last week.
You were alone.
I was with her.
low rents are good thing actually. would we be excited if the price of food was skyrocketing? this city is in a housing crisis and we need to build our way out of it. let’s get the average price down to something that normal people can afford.
Pls define “skyrocketing” for me, and then look at the 5-yr trend of Manhattan prices. We’re basically back to 2015 levels.
Also, pls define “normal” people. Who’s inhabiting the currently occupied apartments – superhumans?
Thank god I made my move to the UWS in the fall before prices started rising.