Click chart to enlarge
Analysis
The chart above shows that in NYC there are typically more rental price decreases on any given day than increases. By a lot. When the broker fee ban hit, shown by the red arrow, brokers and landlords reacted and asking prices were immediately increased to cover broker fees. This lasted for 5 days until a judge stepped in with a temporary restraining order, which is shown by the green arrow. After that, the market returned to normal, with the number of price decreases again outpacing increases.
Take-Away
Research claiming that prices adjusted one way or the other is premature. The market went thru a temporary shock that shouldn’t be used to draw long term conclusions. There are currently more than 10,000 rentals available in NYC and most of these did not get a price increase.
Finally, publicly listed rental prices are asking prices and not actual leased prices. To understand the true impact, you would have to analyze leased price and not listed price.
As always, pay attention to the source of anything you read 🙂
Methodology
Data includes rental price increases and decreases in Manhattan, Brooklyn, Queens, and The Bronx via REBNY, MLSLI, and the Brooklyn MLS. Not represented are listings entered directly into a consumer portal, such as Streeteasy
Marketproof Pro
Marketproof Pro combines property data, ownership records, market analytics, and AI-powered marketing tools in one place. Search buildings and addresses, look up owners, track sales trends, and create branded reports.
