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
Pennsylvania Mall Conversion Bill Passes House
If passed, the bill would promote the adaptive reuse of defunct commercial buildings.
World's Largest Wildlife Overpass In the Works in Los Angeles County
Caltrans will soon close half of the 101 Freeway in order to continue construction of the Wallis Annenberg Wildlife Crossing near Agoura Hills in Los Angeles County.
U.S. Supreme Court: California's Impact Fees May Violate Takings Clause
A California property owner took El Dorado County to state court after paying a traffic impact fee he felt was exorbitant. He lost in trial court, appellate court, and the California Supreme Court denied review. Then the U.S. Supreme Court acted.
Coming Soon to Ohio: The Largest Agrivoltaic Farm in the US
The ambitious 6,000-acre project will combine an 800-watt solar farm with crop and livestock production.
New York’s Deadliest Neighborhoods for Pedestrians
Pedestrian deaths rose last year, but remain below pre-2020 levels.
Eviction Looms for Low-Income Tenants as Rent Debt Rises
Nonprofit housing operators across the country face almost $10 billion in rent debt.
City of Costa Mesa
Licking County
Barrett Planning Group LLC
HUD's Office of Policy Development and Research
Mpact Transit + Community
HUD's Office of Policy Development and Research
Tufts University, Department of Urban and Environmental Policy & Planning
City of Universal City TX
ULI Northwest Arkansas
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.