As leases hit a new high this year in New York, discounts are running out. In fact, realtors are watching COVID discounts dry up as vacancies fill up in NYC.
More Apartments are Being Leased in New York City
New apartment leases have set an all-time high for the last month of July. Tenants have continued to pick up the slack in New York City’s rental market. In July 2021, leases signed in Manhattan saw a 55% uptick from July 2020. In Brooklyn, 1870 leases were signed. This was up 40% from last year.
While leases are at a high right now, this means COVID discounts are drying up. Heavy leasing volumes are drying up the COVID discounts that were abundant in the market at the beginning of the year.
Listings are Falling Fast But Rent is Still Low
The number of listings in New York City are disappearing fast. Right now, Listings have fallen 54% in Manhattan, and 49% in Brooklyn, and 40% in Queens.
That being said, the rent in New York City was still lower than what it was pre-pandemic. This shows that the renting real estate market is still more accommodating.
Net effective median rent was $2789 in July. This was down 3.9% from a year ago, and 4.4% down from July 2019.
Some Deals are Still Left
While not as good as they were in the middle of the pandemic, there are still good real estate deals available. Brooklynites still have a 9.87% discount while Manhattanites have about an 8.5% discount. Queen renters have gotten a 5.7% discount on average.
While COVID discounts are drying up, you should still be able to get a few good deals left out there.
Contact the team at V Global Holdings for your New York Real Estate consultation and evaluation.
