NYC rents and inventory dipped in October

Median rent dropped by 3%, and 27K apartments are available

New York /
Nov.November 06, 2020 07:00 AM
(Getty, iStock)

(Getty, iStock)

Rents across the city continued their downward spiral in October, even as the number of apartments on the market began to wane, an analysis by The Real Deal found.

In Manhattan, the median rent fell to $3,100, a 3 percent drop since September. The number of listings sunk to 19,500, just below the 20,000 apartments listed the month prior. It’s the second consecutive month where inventory declined in the borough.

Brooklyn saw a similar decline in both prices and inventory. The median rent fell 3 percent to $2,615 from $2,700 the month before. The number of apartments for rent dropped nearly 6 percent to 5,600 from nearly 6,000 in September.

In Queens, prices dropped more substantially to $2,200 from $2,295, a 4 percent dip. Inventory shrank by a mere 2 percent to about 2,200 apartments.

Neighborhoods that saw the biggest price drops included Soho, Tribeca, Greenwich Village, Gramercy Park and parts of the Upper East Side. In Brooklyn, the biggest losers for landlords were Red Hook, Windsor Terrace, Brooklyn Heights, Fort Greene and Gowanus.

A relationship between asking price and inventory was not clear from the data.

TRD’s analysis also looked at which brokerages had the biggest market share of active rental listings last month.

Compass, the Corcoran Group and Douglas Elliman agents represent the lion’s share of available rentals. Together, their agents handled more than 31 percent of the more than 27,000 apartments listed in the three boroughs last month.

Brown Harris Stevens and Move NYC Real Estate round out the top five brokerages, with about 4 percent each of apartments listed throughout the three boroughs.

Zooming in on individual boroughs, the top three brokerages also hold the most listings in Manhattan and Brooklyn. In Queens, however, the top-performing firms are Astoria-based Sterling23 and Living New York, a firm that specializes in landlord representation.





    Related Articles

    arrow_forward_ios
    “It took off like crazy”: How brokers use TikTok to rent apartments

    “It took off like crazy”: How brokers use TikTok to rent apartments

    “It took off like crazy”: How brokers use TikTok to rent apartments
    532 West 22nd Street and Kate Winslet (Google Maps; Getty)

    Kate Winslet letting go of Chelsea penthouse

    Kate Winslet letting go of Chelsea penthouse
    Gov. Andrew Cuomo (Getty, iStock)

    Cuomo to ease requirements for rent relief

    Cuomo to ease requirements for rent relief
    A federal judge has rejected a lawsuit from a group of New York landlords that sought to challenge pandemic protections for tenants. (iStock)

    Landlords lose challenge against pandemic renter protections

    Landlords lose challenge against pandemic renter protections
    Yue-Sai Kan and 6 Sutton Square (Getty; Google Maps)

    Sutton Square townhouse listed by “China’s Oprah” for $28M

    Sutton Square townhouse listed by “China’s Oprah” for $28M
    President Donald Trump (Getty)

    Realtor groups sue to block federal eviction ban

    Realtor groups sue to block federal eviction ban
    (iStock)

    Mortgage applications skyrocket in holiday week

    Mortgage applications skyrocket in holiday week
    (iStock)

    Manhattan market’s “steady upward slog” persists as suburbs and Brooklyn see gains

    Manhattan market’s “steady upward slog” persists as suburbs and Brooklyn see gains
    arrow_forward_ios

    The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

    Loading...