REZI Releases New York Apartment Rental Market Insights for Q1 2022

An Occupancy-as-a-Service Pioneer Analyzes New York’s Rental Market Rebound

NEW YORK, May 18, 2022 /PRNewswire/ — REZIPioneer of the “Occupancy-as-a-Service” Model for Assured Lease Performance for Landlords, Today Releases First Quarter Data and Analysis of the New York Rental Market Using Real-Time Performance Metrics boroughs.

Using over 100 data points per rental unit from a collection of proprietary and public resources, REZI compares borough and neighborhood level data on average rental price, days on market (DoM) and average vacancy costs to provide a comprehensive view of NYC. rental market in Q1 2022.

Key terminology:

Days to market (DoM): represents the marketing period of a vacant dwelling.
Vacation cost: represents the amount of revenue lost due to vacancy – including market days, tenant move-in delays and placement fees.
Rental of the ad: represents the monthly net effective rent / the amount of rent received adjusted for the cost of the vacancy.

NYC First Quarter Rental Market Report from REZI

Overview – State of the market

As we examine the state of New York City rental market at the end of the first quarter, we see the market rebound continuing as listing rents increase and days on market continue to decline.

The growth in days on market appears to be accelerating as we see a decline of more than 44% compared to the same period last year, compared to a decline of 32% when we looked at market performance in december. The table below shows NYC’s total average performance as of March 2022:

Days on market	Ad rental	Vacancy cost
26	$3,481	$8,860
-44.7% change compared to 03/21	26.2% change from 3/21	-0.8% variation compared to 03/21
-18.8% variation compared to 21/12	0.6% change from 12/21	-1.4% variation compared to 21/12
Seasonal trends and market demand have led to a drop in average days on market – from 50 days on March 21 to 32 on December 21	Average listing rents saw an impressive increase of more than 26% from $2,759 in the first quarter of last year – although there was little change in the run-up to the season. spring rental.	Despite a recovery in demand and an increase in rents, average vacancy costs remained stable, almost entirely due to significant declines in Manhattan.

State of the market at borough level in March 2022

Days on market	Ad rental	Vacancy cost
brooklyn
21	$3,111	$7,407
-36.36% change from 3/21	+24.7% variation compared to 03/21	+7% change from 3/21
-12.5% variation compared to 21/12	+2% change from 12/21	+3.5% variation compared to 21/12
Brooklyn saw a significant decrease in average days on market compared to the 36-day average last March, with seasonal trends slowing the decline in the first quarter.	As days on market fell, we saw listing rents increase by an average of $616 over the year.	While the citywide average vacancy cost has remained relatively flat, the Brooklyn average has increased 7% over the past year.
The Bronx
36	$2,273	$6,533
-2.7% variation compared to 03/21	+13.1% variation compared to 03/21	+11.9% variation compared to 03/21
-2.7% variation compared to 21/12	+9.7% variation compared to 21/12	+11.6% variation compared to 21/12
The average days on market in the Bronx has remained consistent over the year and past quarter, in contrast to declines in other boroughs.	Average listing rents continued to rise from $2,009 in March 2021, with a significant portion of this growth occurring in the last quarter.	The Bronx had the highest growth in average vacancy costs as the only borough with double-digit growth.
manhattan
30	$4,226	$11,312
-53.1% change compared to 03/21	+33.2% change since 03/21	-6% change from 3/21
-21.5% variation compared to 21/12	+3.5% variation compared to 21/12	-1% change from 12/21
Manhattan’s rebound continues as the borough saw the largest drop in days on market of any borough, from an average of 64 days last March.	Average listing rents have seen the strongest growth and continue to lead the city average, although seasonal trends have slowed growth in the first quarter.	Manhattan was the only borough to see average vacancy costs decline, effectively balancing the growth of other boroughs.
queens
23	$2,546	$6,229
-25.8% variation compared to 03/21	+19.3% variation compared to 03/21	+7.7% variation compared to 03/21
-14.8% variation compared to 21/12	+4.7% variation compared to 21/12	+6.3% variation compared to 21/12
Queens has seen a smaller decline in days on market than Manhattan and Brooklyn over the past year.	Average listing rents continued to grow from $2,135 last March as Queens saw above-average growth in the first quarter.	Average vacancy costs have continued to grow, with significant growth in the last quarter, increasing by 6.3% since December 2021.

Average Listing Rent
While rents remained well above last year’s averages, we saw slight changes in listing rents throughout the quarter. Overall, we see costs starting to increase in line with seasonal trends.

	brooklyn	Bronx	manhattan	queens
Mar	$3,111	$2,273	$4,226	$2,546
Feb	$3,085	$2,162	$4,249	$2,501
Jan	$3,043	$2,097	$4,199	$2,531

Q1 days on market
We saw brooklyn replace queens with the lowest Days on Market throughout the quarter, . manhattan saw the biggest drop as the rental season begins to pick up. While most boroughs show a relatively constant decline, the Bronx had larger fluctuations.

	brooklyn	Bronx	manhattan	queens
Mar	21	36	30	23
Feb	22	29	34	23
Jan	25	36	39	24

Vacancy cost Q1
Vacancy costs varied from borough to borough, with some fluctuation as the citywide average dropped 1.4%. manhattan remains 50% higher than other boroughs, although it saw the biggest drop in the quarter, down 10% – from 5% in brooklyn.

	brooklyn	Bronx	manhattan	queens
Mar	$7,407	$6,533	$11,312	$6,229
Feb	$7,446	$5,716	$11,932	$6,119
Jan	$7,645	$6,027	$12,482	$6,275

About REZI
Founded in 2017, REZI leverages cutting-edge leasing and financial technology to improve and optimize the rental experience for tenants and increase rental performance for landlords. REZI is a private company based in New York City.

Media Contact:
Loren Pomerantz
917-902-0219
[email protected]

SOURCE REZI