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.