The FIDI Report: 1Q2021
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Sales:
• 2020 has been a tumultuous year in NYC but regardless of everything that has happened over the past year, 2021 is shaping up to be an unprecedented year in sales in the Financial District and in NYC in general.
• The number of contracts signed in Q1 2021 has seen an increase of more than 280% over those signed this time last year.
• The average ppsf in Q1 2021 showed a 28% increase from the same period in 2020, the last period before the beginning of the COVID shutdown and restrictions.
•The upward trend of the market can also be seen by comparing the pre-COVID data of Q4 2019 into Q1 2020 where we saw an increase of 73% in the number of units sold, versus Q4 2020 into Q1 2021 where an over 260% increase of number of sold units was reported.
Rentals:
• The rental market in The Financial District has been hard hit over the past year with the past six months showing a vacancy rate of 20-30% in some buildings and a more than 25% reduction in rent.
• For the first time since the beginning of COVID, studio apartments led the way in number of units rented. 323studios were rented in Q1 2021, an increase of over 438% over Q4 2020.
•The average rental price went down 17% from this time last year spurring an increase in the number of apartments rented during Q1 2021 of over 226% compared to Q4 2020.
• Landlords are currently offering on the average of 3 months free rent on a 12-month lease. However, as vacancy rates continue to fall, we can expect those concession to start to be reduced as we head into the summer rental season.
