Meraki Realty

As I wrote a couple of weeks ago, the rental market has finally caught up to its older brother, the sales market- and begun its recovery. After reaching the lowest median rent since 2010 the market has not only bottomed out and stabilized, but has finally started to recover and make up some of the losses that occurred over the past 12 months. #nycrealestate

As the market continues to heat up, sellers and their brokers will feel the urge to start raising listing prices and push our balanced neutral market into seller’s market territory. When can we expect a jump in listing prices? #nycrealestate

The time to be aggressive was last summer when the market just started to open. Right now, it is time to be cautious. That does not mean there are not still deals to be had and that everything is overpriced. It simply means to take your time and don’t rush into things. This level of activity cannot be sustained for much longer. #nycrealestate

Over the past month, Manhattan’s rental market has shown signs of life and has built significant momentum heading into prime Spring and Summer rental season. Landlords, after months of falling prices, rising vacancies, and no help from state or federal governments can finally exhale just a little bit as renters begin to return and sign leases. #nycrealestate

The month of March has been the best year for contract activity in Manhattan since 2007. Every week of this month recorded over 300 signed contracts with last week marking an over 400 percent increase in contract signings year over year. #nycrealestate

We are simply running out of superlatives to describe the Manhattan sales market at this moment. For the month of April, we are currently at 1,579 signed contracts and are astonishingly picking up the pace, with 471 already contracts signed this week with three days left to go. #nycrealestate

As of 3/18/21, Manhattan alone has already recorded 878 contract signings. At the current pace, March 2021 is on track to have its most contracts signed since March 2007- 14 years ago. #nycrealestate

After a busy holiday season and a strong start to the year, NYC’s rental market has once again begun to stall as renters show no urgency and a return to offices still seems far away. Even with vaccine rollouts underway and the spread of the virus largely contained, a new survey by the Partnership for New York City found less than 50 percent of New York’s one million office workers are expected to return by the fall. #nycrealestate

Looking back at weekly deal volume to 2015, five of the top ten weeks have occurred this year. Even more amazingly, they were the most recent five consecutive weeks, something that has never been previously accomplished. #nycrealestate