Rental Report – June 2021

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“How’s the market?”

Over the last 12 months I’ve been asked this question more times than I can count. From some fellow industry types it became a sort of gallows humor and way to lighten the mood. From our curious friends it was a way for them to ask if they were overpaying for their apartment. For my landlords though it has always been a question that strikes at the heart of their business and planning. “It’s getting better,” just doesn’t cut it as an answer anymore.

In this month’s issue we share our up to the minute data on price points and unit mixes across neighborhoods. We saw an amazing recovery occur in Williamsburg over the past 30 days as 50% of all available units were absorbed after months of sluggish leasing velocity.

Rather than getting bogged down in abstract data throughout this issue, we decided to do a deep dive on some of the boroughs’ most important projects. These “benchmark buildings” were selected for their respective scale, location and launch date. We present specific asking prices from 2019 and set them against pricing today. The results show us a clear and measurable rate of rent recovery.

As always we hope that you find yourselves more informed and ready to ask your broker the right questions to properly position your current vacancies, your renewal strategies and your underwriting efforts.

Best,

Shawn Mullahy

Brooklyn Breakdown

A snapshot of all currently advertised inventory in our core neighborhoods to help you understand how your units are positioned in the competitive landscape.

Advertised Listings by Bedroom Count

Largest Shares of Advertised Listings in Brooklyn

Advertised Listings by Median Price

Green and red highlights indicate relative MoM median price increases and decreases, respectively.

Benchmark Buildings – Rent Recovery

The below collection of properties all represent transformational projects for their respective neighborhoods that pushed the existing market to new heights.

We have reviewed multiple listing services and historical data to surface the effective rents offered across layouts at each project and set them against the most recently achieved rents at the properties. Our rental recovery meter gives a simple percentage for you to quickly understand the current state of the market.