Fewer new leases were signed during the second week of May, a drop of 10 percent compared to the previous week, according to a new report from UrbanDigs. New leases are down 48 percent if you contrast them with the same week in 2019.
New listings for May 11-May 17 were up 9 percent compared to the week prior, and down just 5 percent compared to the same week in 2019, marking the first time the level of new rentals neared seasonal levels.
Reports from UrbanDigs, a Manhattan real estate analytics platform, looks at new rental listings on the Manhattan market, new leases signed, and listings taken off the market each week.
The number of listings being taken off market was unchanged from the week earlier and showed a decrease of 48 percent when compared to 2019.
With new listings increasing faster than leases being signed, rental prices will decrease until more renters sign leases, says Noah Rosenblatt, founder and CEO of UrbanDigs and author of the report. He sees that happening when the traditional active summer rental season gets underway.
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