Data & analytics
New York Market Insights
December 2020 - December 2021
Report Purpose
Our REZI Research Team regularly examines data to analyze the trends shaping New York City’s rental market. This report compares borough and neighborhood-level data across Average Listing Rent, Days on Market (DoM), and Average Vacancy Cost to give you a complete view of market performance where it matters most to you.
We analyze and reference over 150+ data points per property and utilize aggregate-level intelligence to track, segment, and discover trends in New York City's residential rental market.
Key Terms
- Listing Rent: represents the monthly net-effective rent / the amount of rent collected adjusted for vacancy cost.
- Days on Market (DoM): represents the amount of time a vacant unit has been marketed.
- Vacancy Cost: represents the amount of income lost due to vacancy — inclusive of Days on Market, tenant move-in delays, and placement fees.
Our Data
We source data from a collection of proprietary and public resources, alongside undertaking our own analysis, to develop the numbers and observations that we present in this report.
These are the same numbers we use while conducting our own business, and we hope that by sharing this information you can also explore the major takeaways and trends impacting NYC real estate.
It's important to note that the actual vacancy may be higher than the Average Days on Market here, as it would account for tenant move-in delays after the lease signing date.
From Average Days on Market and Average Listing Rent, it's clear to see that the New York City rental market is undoubtedly rebounding from the peak of the COVID-19 pandemic.
Despite this progress, more improvement is needed to return to true pre-pandemic levels, especially in Average Listing Rent and Average Discount which are still performing worse than December 2019 levels.
Compare with REZI
32 days
Days on Market
31.9%
from Dec. 2020
At the end of 2020, the Average Days on Market for all of NYC was 47 days. December 2021 did see an increase from the previous month at 28 days — likely due to seasonal trends.
$3,507
Listing Rent
28.9%
from Dec. 2020
Up from $2,720 at the end of last year, NYC's Average Listing Rent has skyrocketed — at least partially driven by the average discount (or concession) being down from 2 months last year to just 1.2 months today.
$8,987
Vacancy Cost
8.6%
from Dec. 2020
Despite seeing a significant shift in Average Days on Market, vacancy costs still represent a significant loss for owners across the five boroughs — with the Average Vacancy Cost increasing by 8.6% since December 2020.
24 days
Days on Market
29.4%
from Dec. 2020
Brooklyn has seen an impactful decrease in Average Days on Market since December 2020 when the borough was performing at 34 days on average.
$3,077
Listing Rent
28.9%
from
Dec. 2020
Alongside the Average Days on Market improvement, Brooklyn also saw a hefty increase in Average Listing rent, going up a total of $787 from $2,720 at the end of last year.
$7,156
Vacancy Cost
9.5%
from Dec. 2020
Despite Brooklyn's improvement in Listing Rent and Days on Market, the borough still saw the Average Vacancy Cost go up by $621 from $6,535 in December 2020.
37 days
Days on Market
9.8%
from Dec. 2020
The Bronx saw milder changes year-over-year than other boroughs, with Average Days on Market down by just 4 days since the end of 2020.
$2,131
Listing Rent
5.7%
from Dec. 2020
Without much increased demand, the Average Listing Rent in The Bronx only went up $115 over the past year. Likewise, the Average Discount went down to just 1.4 months from 1.6.
$5,852
Vacancy Cost
3.4%
from Dec. 2020
The Bronx saw the lowest year-over-year increase in Average Vacancy Cost — up by only $191 from $5,661 in December 2020.
38 days
Days on Market
35.6%
from Dec. 2020
Manhattan saw the best improvement of any borough in Average Days on Market, going down by over 20 days from 59 on average in December 2020.
$4,137
Listing Rent
37.0%
from
Dec. 2020
With the substantial increase in demand, Manhattan saw it's Average Listing Rent skyrocket over the past year — up by $1,117 from $3,020 at the end of 2020.
$11,425
Vacancy Loss
9.0%
from
Dec. 2020
Similar to Brooklyn, Manhattan saw a substantial increase in Average Vacancy Cost — up by $945 from $10,480 in December 2020.
27 days
Days on Market
12.9%
from Dec. 2020
Queens performed slightly better than The Bronx but not as well as Brooklyn or Manhattan, with Average Days on Market going down by just 4 days from 41 in December 2020.
$2,458
Listing Rent
14.0%
from
Dec. 2020
Despite a lackluster improvement, Queens' Days on Market was already low which helped to drive an increase in Average Listing Rent — up by $301 from $2,157 at the end of 2020.
$5,859
Vacancy Loss
8.1%
from
Dec. 2020
With only a mild decrease in Average Days on Market, Queens also saw a meaningful increase in Average Vacancy Cost — up by $440 from $5,419 in December 2020.
Borough performance by month
Days of Market
Below, you can analyze Average Days on Market trends in each borough over the past six months. Looking at December 2021 (purple) we can take note of traditional Seasonal Trends at play — where we expect to see a decrease in demand around November and December.
With that said, Queens saw an unprecedented drop in Average Days on Market in November 2021 — likely driven by renters looking to move before year's end — which quickly reverted in December, driving Days on Market to it's highest point in the 6-month period.
Note: Charts are interactive — to see a bar's value, hover over it with your cursor. To remove or add a dataset, click on its label in the legend above the chart.
Listing Rent
Here we can see the Average Listing Rent trends since July 2021 for each borough. For Brooklyn, The Bronx, and Queens, listing rents remained relatively steady over the latter half of the year, seeing a gradual month-by-month increases.
In Manhattan, however, aggressive pricing took hold and drove up the Average Listing Rent by 13.9% in the second half of the year alone — larger than the increases other boroughs saw for the entire year of 2021.
Note: Charts are interactive — to see a bar's value, hover over it with your cursor. To remove or add a dataset, click on its label in the legend above the chart.
Vacancy Cost
Below, for Average Vacancy Cost by borough, we see a similar pattern as we did above in Average Listing Rent. While Brooklyn, The Bronx, and Queens remained steady over the Q3 - Q4, it was Manhattan that saw significant increases in Average Vacancy Cost from August 2021 onward.
In fact, Manhattan's Average Vacancy Cost increased by $1,178 dollars in this 6-month period alone — a nearly 20% increase.
Note: Charts are interactive — to see a bar's value, hover over it with your cursor. To remove or add a dataset, click on its label in the legend above the chart.
Lower East Side
Average Days on Market: 26
51.0%
from Dec. 2020
Manhattan's Lower East Side neighborhood saw one of the largest shifts in Average Days on Market, down by over 50% YoY — 42 days lower from 68 in December 2020.
Gravesend
Average Days on Market: 27
50%
from Dec. 2020
In the opposite direction, Gravesend in Brooklyn saw the largest increase to Average Days on Market — up by 9 days from its lowest rate of 18 in December 2020.
Jamaica
Average Listing Rent: $1,803
1.2%
from Dec. 2020
Jamaica, Queens, was the only neighborhood across all of New York City that saw a decrease in Average Listing Rent — although it was minimal by only $21 from $1,824 in December 2020.
SoHo - Tribeca
Average Listing Rent: $7,452
55.8%
from Dec. 2020
SoHo - Tribeca in Manhattan saw a massive increase in Average Listing Rent — up by $2,670 from its low point of $4,782 in December 2020.
Fordham
Average Vacancy Cost: $4,313
33.8%
from Dec. 2020
Fordham in The Bronx saw the largest % decrease in Average Vacancy Cost in 2021 — down by $2,205 from $6,518 in December 2020.
Long Island City
Average Vacancy Cost: $7,303
30.5%
from Dec. 2020
Meanwhile, Long Island City in Queens saw a significant increase in Average Vacancy Cost — up by $1,706 from $5,597 in December 2020.
While city-level and borough trends provide decent insight into how the market is performing overall, a much more local level of analysis is crucial to compare to one's portfolio or even specific buildings.
That's why we've built out neighborhood intelligence to highlight the strongest and weakest performing neighborhoods across Average Days on Market, Average Listing Rent, and Average Vacancy Cost.
Explore our data.
Select which borough and dataset you want to analyze.
Brooklyn Days on Market
Note: Charts are interactive — to see a bar's value, hover over it with your cursor. To remove or add a dataset, click on its label in the legend above the chart.
Brooklyn Listing Rent
Note: Charts are interactive — to see a bar's value, hover over it with your cursor. To remove or add a dataset, click on its label in the legend above the chart.
Brooklyn Vacancy Cost
Note: Charts are interactive — to see a bar's value, hover over it with your cursor. To remove or add a dataset, click on its label in the legend above the chart.
The Bronx Days on Market
Note: Charts are interactive — to see a bar's value, hover over it with your cursor. To remove or add a dataset, click on its label in the legend above the chart.
The Bronx Listing Rent
Note: Charts are interactive — to see a bar's value, hover over it with your cursor. To remove or add a dataset, click on its label in the legend above the chart.
The Bronx Vacancy Cost
Note: Charts are interactive — to see a bar's value, hover over it with your cursor. To remove or add a dataset, click on its label in the legend above the chart.
Manhattan Days on Market
Note: Charts are interactive — to see a bar's value, hover over it with your cursor. To remove or add a dataset, click on its label in the legend above the chart.
Manhattan Listing Rent
Note: Charts are interactive — to see a bar's value, hover over it with your cursor. To remove or add a dataset, click on its label in the legend above the chart.
Manhattan Vacancy Cost
Note: Charts are interactive — to see a bar's value, hover over it with your cursor. To remove or add a dataset, click on its label in the legend above the chart.
Queens Days on Market
Note: Charts are interactive — to see a bar's value, hover over it with your cursor. To remove or add a dataset, click on its label in the legend above the chart.
Queens Listing Rent
Note: Charts are interactive — to see a bar's value, hover over it with your cursor. To remove or add a dataset, click on its label in the legend above the chart.
Queens Vacancy Cost
Note: Charts are interactive — to see a bar's value, hover over it with your cursor. To remove or add a dataset, click on its label in the legend above the chart.
Days on Market Data Map
The map below showcases neighborhood-by-neighborhood performance in regards to Average Days on Market in December 2021.
Note: Maps are interactive — click on the icon in the top-left to see the color legend and click on individual neighborhoods to see their exact values. Click on the expand icon in the top-right to view this map in full-screen.
Vacancy Cost
The map below showcases neighborhood-by-neighborhood performance in regards to Average Vacancy Cost in December 2021.
Note: Maps are interactive — click on the icon in the top-left to see the color legend and click on individual neighborhoods to see their exact values. Click on the expand icon in the top-right to view this map in full-screen.
Property owners' costs per vacant unit.
Without REZI
Property owners that lease to REZI experience higher Days on Market and end up spending more in leasing + placement costs for brokers, marketing, and operations.
2021 Market Average Total Vacancy Cost:
(inclusive of vacancy and leasing costs)
$8,929
per unit
With REZI
Property owners that lease their units to REZI are able to earn higher, guaranteed rents through faster leasing velocity and pay nothing in operations, marketing, or leasing costs.
2021 REZI Average Total Vacancy Cost:
(inclusive of vacancy and leasing costs)
42% Savings
Lease on demand.
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