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NYC Apartment Inventory Posts Record Year-Over-Year Decline
The number of apartments available for rent in New York City in the fourth quarter of 2021 was less than half of what was available the year before, listings site StreetEasy reported. The 52.4% decline year-over-year to 60,966 available units was the largest on StreetEasy record dating back to 2010.
That being said, the number of apartments listed for rent in Q4 was on par with what was listed in Q4 2019, just before the onset of the pandemic, according to StreetEasy.
As NYC rental inventory tightened, rent prices rebounded dramatically compared to the beginning of 2021. The median asking rent in New York City rose to $2,700 in Q4 — an increase of 8.2% from the previous year and 11.6% from Q1 2021, when it hit the lowest level on record. This was the largest annual increase in rents for any given quarter on StreetEasy record.
- ◦Lease
