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Manhattan rental market shows signs of life with increase in listings

A new report from UrbanDigs says the data for April 20-26 suggests the rental market may be preparing for life after Covid-19.

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Manhattan’s rental market is showing some signs of life with an uptick in new listings, although inventory levels are still far below normal levels for this time of year.

A new report from UrbanDigs, a Manhattan real estate analytics platform, notes the increase comes after five weeks of sharp declines. The report uses data from the Manhattan RLS (REBNY Listing Service).

Noah Rosenblatt, founder of UrbanDigs and author of the weekly report, which looks at new rental listings, new leases signed, and listings taken off the market, says the data for April 20-26 suggests the rental market may be preparing for life after Covid-19.

Comparing the fourth week of April to the prior week shows there’s been an increase of 23 percent in new listings, a drop of 3 percent in lease signings, and increase of 20 percent in the number of listings taken off the market.

Listing may be taken off the market because they were rented out or for some other reason, like the owner decided to stop showing the apartment. The data does not capture the reason why the apartment is no longer listed—making it tough to interpret this metric.

If you compare the fourth week of April to the same week a year ago—you can see the how far off inventory and lease signings are. New rental listings are down 51 percent and lease signing dropped 77 percent. The number of listings taken off the market compared to last year is down 47 percent.