The FIDI Report: 4Q2020
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Sales:
• Q4 shows an average PPSF reduction of 11% over Q3, however, we are still showing a 27% increase over this same time last year.
• One-bedroom apartments continue to be the most popular with the same number of units sold in Q4 2020 compared to Q4 2019.
• Studios took the hardest hit not only in Q4 of 2020, but throughout the year. There were 18 studios sold in the Financial District in 2020 while there were 54 sold in 2019, a 67% decrease. One-bedrooms fared better, with only a 14% decrease in units sold.
Rentals:
• As in the sales market, one-bedroom apartments continue to be the most popular. In Q4 of 2019, the number of one-bedrooms rented compared to the number of studios was basically even. This year, one-bedroom apartments are renting at a volume of 2 to 1 over studios.
• The average rental price increased 11.9% compared to Q4 2019, which would seem to indicate a strengthening market. However, it is important to note that there were nearly twice as many one-bedrooms rented as there were studios in Q4 2020, with the average price of the one-bedroom apartments going down over 21% from Q4 2019.
• Studio and one-bedroom apartments saw the largest reduction in price from last year by approximately 21% for each. 2 Bedrooms, although the number of units rented was down 37% from Q4 2019, the average rent went up by more than 37% from $6,018 to $8,268.
