The rental market is triggering metrics not seen since the depths of the Great Recession, according to a new report on the state of the rental market in three New York City boroughs.
"A record-high share of rent cuts contributed to a Manhattan median asking rent of $2,990 in the third quarter of 2020 — the first time this figure has been below $3,000 in nine years," reports Emily McDonald.
McDonald is sharing data from StreetEasy’s Q3 2020 Market Reports. The data includes several metrics that tell the story of a suddenly shifting rental market in the nation's most populous, and famously expensive, city.
"The share of Manhattan rental listings on StreetEasy that was discounted during the third quarter rose 22.7 percentage points year over year to a record high of 44.7%, " explain McDonald. "Meanwhile, rental inventory in Manhattan increased by 69.8%, with 72,267 listings available during the quarter — nearly 30,000 more than last year."
Among the other metrics from the report with no recent precedent is the decline of rent in all three boroughs analyzed in the report—Manhattan, Brooklyn, and Queens.
StreetEasy Economist Nancy Wu is quoted in the article saying "Renters are no longer willing to pay the commute premium of living in Manhattan when they do not need to commute to an office five days a week."
A lot more data from the report are available in the source article, including specific attention to each of three boroughs analyzed in the report and a long list of neighborhood-level data.
FULL STORY: Manhattan Median Rent Falls Below $3,000 for the First Time Since 2011
How 2020 Changed the Rental Market
A new report by RentCafé reveals the extent of the pandemic's influence on the rental market—so far.
Rents Dropping Across the U.S., but Especially in Big, Wealthy Cities
People are moving less and rents are dropping, according to a new report from Apartment List.
Tight For-Sale Market Leads to Record Price Spikes in the Rental Market
A supply-demand imbalance in the for-sale housing market will eventually spill into the rental market.
Alabama: Trump Terminates Settlements for Black Communities Harmed By Raw Sewage
Trump deemed the landmark civil rights agreement “illegal DEI and environmental justice policy.”
Planetizen Federal Action Tracker
A weekly monitor of how Trump’s orders and actions are impacting planners and planning in America.
The 120 Year Old Tiny Home Villages That Sheltered San Francisco’s Earthquake Refugees
More than a century ago, San Francisco mobilized to house thousands of residents displaced by the 1906 earthquake. Could their strategy offer a model for the present?
In Both Crashes and Crime, Public Transportation is Far Safer than Driving
Contrary to popular assumptions, public transportation has far lower crash and crime rates than automobile travel. For safer communities, improve and encourage transit travel.
Report: Zoning Reforms Should Complement Nashville’s Ambitious Transit Plan
Without reform, restrictive zoning codes will limit the impact of the city’s planned transit expansion and could exclude some of the residents who depend on transit the most.
Judge Orders Release of Frozen IRA, IIJA Funding
The decision is a victory for environmental groups who charged that freezing funds for critical infrastructure and disaster response programs caused “real and irreparable harm” to communities.
Urban Design for Planners 1: Software Tools
This six-course series explores essential urban design concepts using open source software and equips planners with the tools they need to participate fully in the urban design process.
Planning for Universal Design
Learn the tools for implementing Universal Design in planning regulations.
Clanton & Associates, Inc.
Jessamine County Fiscal Court
Institute for Housing and Urban Development Studies (IHS)
City of Grandview
Harvard GSD Executive Education
Toledo-Lucas County Plan Commissions
Salt Lake City
NYU Wagner Graduate School of Public Service