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PUBLISHED July 19, 2021

Rental Report – April 2021

Dear Brooklyn Property Owners,

As we move into the Spring season, the question we’ve been anticipating all year is upon us: What do we do with the quickly-expiring, heavily-discounted leases signed early in the pandemic?

Headlines and hearsay report a jumble of increases, drops, and plateaus across the borough. We’d all like to bet on the upswing, but should we?

Here at MySpace NYC, we’ve developed a suite of tools that leverage live market data to evaluate different renewal options. The outcomes are not always obvious. Additional variables like lease term, capital improvements, comparable supply, demand, and more, can have considerable impact on your bottom line.

That’s right; your broker is suggesting that you may want to renew leases, rather than list the units. Just as we recommended price drops and flexibility in response to last year’s conditions, we’re strategizing next moves based on what makes sense today.

We simply believe that providing the best service — maximizing your rental income — is always the right approach.

We look forward to partnering with you,

Sam Tabak

Director of Business Development

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 reflect month-over-month increase or decrease, respectively. Average increase: 0.5%

Trends, Truths & Tools

Here we address your top questions and concerns with numbers and real-time insights.

The Trend:

Encouraged by vaccine accessibility and increased rental activity, landlords are raising rents and dropping concessions as last year’s heavily discounted leases come up for renewal. As a result, many tenants are choosing not to renew and the units are re-listed.

The Truth:

The market recovery is complex and uneven. Tenants are coming back, but not yet in sufficient numbers to absorb the glut of inventory that has accumulated this year. The decision to retain new tenants at a stable rate or relist at a higher one has many moving parts that can be simulated to reach the most financially sound course of action.

Take a look at this case of a differentiated strategy across different unit types in the same portfolio:

The Tool:

Our Data team developed a renewal calculator to analyze the different variables and help you decide: List it or Leave it.

The Takeaways:

Consider Today’s Market

Compare Scenarios

Reduce Risk

Let’s Discuss Your Upcoming Renewals

Listing Leaders

Listing leaders reflect alignment of renter demand and unit positioning. Data-sharing with our ad platform partners helps us optimize each listing across all parameters.

Most Popular Listings this Week

Based on weighted average of clicks and inquiries across all MySpace NYC advertised listings

Ask us how to turn your listing into a “Listing Leader”!

Agent Advantage

In a market flush with inventory and sophisticated platforms designed to keep renters in search mode, we help our agents stand out with industry-leading tools, insights, and opportunities.

Renter Success: A Triple Win

Like any good salesperson, top agents typically focus on the highest-intent leads: renters with quick-move-ins and verified credentials. But today’s inventory glut has made endless browsing and looser qualifications the norm. As a result, agents must choose between sinking time into “under-ripe” leads, or forfeiting the potential deal altogether.

To keep our deal flow strong, we’ve set up the MySpace NYC Renter Success Team. Our centralized lead-management system allows us to continuously engage thousands of potential renters each week. Through curated apartment collections, personalized check-ins, application prep, and special promos, we “nurture” each lead throughout their rental journey, and match them to an agent just in time to close.

We’re proud of this shared win: Your units get extra exposure; and our agents can focus on renting them to the most qualified tenants.

Here’s a peak at some of our recent campaigns: