According to NRIA and other data we’ve collected and analyzed from various sources including, Street Easy and Elliman, New York City has not taken quite the hit that everyone expected coming out of the pandemic.  Sure, several restaurants shuttered their doors permanently while more than a handful of NYC residents packed their bags for Florida, but, maybe Seinfeld had it right all along.   New Yorkers, real New Yorkers, are here to stay.  They come for the opportunity and stay for the energy.   Maybe that’s right and maybe it isn’t.  Only time will tell if NRIA and others following suit in their analyses, are on the money with their predictions.  But if rental rates are any indication of the city’s future, our money is with NRIA and Jerry. 

Rentals in New York City

Manhattan, Brooklyn, and Northwest Queens have all seen a surge in new lease signings in 2021, with their highest total showing in February.

Manhattan

Admittedly, and contrary to our thesis, Manhattan’s rents have indeed fallen sharply, leading to the monthly concession rental equivalent being the second-highest on record. Though listing inventory has been lower than it was in October, when it was at its peak, it nearly tripled the levels from years ago. So rents have fallen but haven’t been cut in half the way one would expect from a city about to lose it’s mojo.   According to NRIA the rents and occupancy rates are set to rebound once the summer ends and people return from the Hamptons and students return to college.  Look for heavy lease signing in August and September, 2021.

Brooklyn

In the February report, the number of lease signings in Brooklyn was the highest since Douglas Elliman began tracking. The average amount people pay in rent fell more quickly in 2021 than it had in nearly a decade. According to NRIA, another aspect that has lent itself to the high number of leases in Brooklyn is that landlord concession market share has stayed high this year, though it has declined slightly since its peak in November.  Brooklyn, more than any other borough of NYC is poised for a rebound.  Even after Manhattan’s super-dense populational draws have lost their luster in the new world of six-feet distance, Brooklyn has always maintained an unique brand that defines itself distinctly as what could be labeled “not-Manhattan.”  And with Manhattan rents not taking the hit that the fatalists predicted, Brooklyn continues to benefit as those looking to emigrate, but not really, can choose to leave NYC without leaving NYC.

Northwest Queens

Douglas Elliman Real Estate has been tracking new lease signings in Northwest Queens for nine years. February’s report saw the highest number of new lease signings since that tracking began. The cost of rent has fallen year over year for ten months straight. The landlord concessions’ market share has risen year after year for six months straight and was the second-highest amount on record in the February report.

New York City, New York is also a hot market for renting. According to NRIA, with landlord concessions up and rental costs down, if you’re looking to rent, now is the time to do it.

Harper Harrison

Harper Harrison is a reporter for The Hear UP. Harper got an internship at the NPR and worked as a reporter and producer. harper has also worked as a reporter for the Medium. Harper covers health and science for The Hear UP.