The Real Deal New York

Rent or sell? NYC owners are trying both

Double listings are increasingly popping up in Manhattan
October 02, 2018 05:17PM

(Credit: iStock)

To rent or to sell? That’s no longer really the question in New York City, where owners are increasingly listing their homes for both.

So far this year, through Sept. 1, the number of homes listed simultaneously for sale and for rent increased 51 percent to 1,087, according to a Bloomberg analysis of StreetEasy data. The median price for these properties clocked in at $1.395 million, which is 24 percent higher than what was seen last year for similar properties. The median asking rent for these homes was $4,800, a 14 percent jump.

Most of these listings were in Manhattan. The W Downtown Hotel Residences had the most, with 22, followed by 88 Greenwich Street, with 10.

Sales have slowed in Manhattan as owners remain reluctant to go down in price. The number of residential sales in the third quarter of this year declined 11.3 percent over the same period last year, according to Douglas Elliman’s latest market report.

“People are still very ambitious and they have an idea of a price they want to get,” Grant Long, senior economist at StreetEasy, told Bloomberg. “They think ‘My apartment is perfect for that perfect person out there, and I’m going to find them, whether on the sales market or on the rental market.’” [Bloomberg] — Kathryn Brenzel