RentHop Rental Report – Q1 2020
As one of the largest apartment rental platforms in New York City, RentHop possesses a massive data set of rental leads giving agents a unique insight into where prospective tenants are looking to rent. In this quarterly report, we’ll analyze the trends in each borough, highlighting the neighborhoods seeing the greatest increases and decreases in leads year-over-year.
Lead Resurgence Since COVID-19
On March 20, Governor Cuomo ordered all non-essential businesses to close, and for residents to stay home as much as possible in an effort to stop the spread of the coronavirus. Not surprisingly, from March 23 through April 5 there was a dramatic decrease in average daily renter leads sent on RentHop.
By the numbers, the period of March 13 through March 22 saw a 45% drop in weekly lead count compared to the weekly leads sent by renters from February 10 through March 15. In other words, renters stopped looking for apartments in unprecedented numbers. This downward trend continued through the rest of March and into April.
However, this trend rapidly reversed by mid-April. The week of April 13 through April 19 saw a whopping 56% increase in weekly leads over the period March 23 through April 5. And this upward trend appears to be accelerating as a growing number of renters are more eager than ever to move out of the apartments they’ve been spending so much time within during the lockdown.
Most Popular NYC Neighborhoods by Lead Generation
Looking at lead gen numbers, Manhattan is still considered the most popular borough when it comes to renting. However, the number of leads generated in Q1 2020 was 1.6% lower than in the previous year. Brooklyn, meanwhile, saw an increase of 21.8% and Queens of 16.8%.
The table below summarizes the 50 most popular neighborhoods in New York City, the cost per lead (in terms of RentHop credits), and year-over-year changes in lead counts.
Top Growing Neighborhoods
With respect to renters seeking full apartments, certain popular neighborhoods have seen an outsized increase in renter leads year-over-year from the first quarter of 2019 to the first quarter of 2020. Looking at the most inquired about neighborhoods, the neighborhoods with the highest growth appear concentrated in Brooklyn and Manhattan, with Weeksvillle seeing a 116.8% increase in leads, Crown Heights a 52.3% increase, and Bay Ridge a 49.9% increase. Flatbush also saw a 49.4% jump in leads in the first quarter of 2020 compared to the same period in 2019. In Manhattan, Hamilton Heights saw a 61.5% increase and Central Harlem a 35.3% increase. Meanwhile, lead volume in the East Village grew 32.8% year-over-year.
Top Declining Neighborhoods
At the same time, many popular neighborhoods in the city have seen a substantial decrease in renter leads year-over-year in the first quarter of 2020. The majority of these large declining neighborhoods are concentrated in Manhattan, with the Financial District seeing a 35.5% decrease, East Harlem an 18.6% decrease, and the Upper West Side a 12.1% decrease. Lead also dipped 10.1% in Gramercy Park. Meanwhile, Bushwick, the hip and artsy neighborhood in Brooklyn, saw a 29% reduction in lead volume year-over-year.
Please email us at firstname.lastname@example.org for a more detailed breakdown by neighborhood/borough.
Top 10 Neighborhoods By Borough
Of these popular neighborhoods in Manhattan, the most notable increases in year-over-year leads were seen in Hamilton Heights (+61.5%), Central Harlem (+35.3%), the East Village (+32.8%), and the Upper East Side (+18.4%). The two declining neighborhoods were the Financial District (-35.5%) and East Harlem (-18.6%).
8 out of 10 of the most popular neighborhoods in Brooklyn saw an increase in year-over-year lead traffic, the most notable increases in leads were seen in East New York (+463.2%), Weeksville (+116.8%), Crown Heights (+52.3%), Bay Ridge (+49.9%) and Flatbush (+49.4%). The lone declining neighborhoods were Bushwick (-29%) and Ocean Hill (-10.7%).
Most of the neighborhoods in Queens saw relatively little change year-over-year compared to Brooklyn in Queens, with the exceptions of Flushing (+160.8%), Forest Hills (+67.2%), Long Island City (-24.2%), and Hunters Point (-19.9%).
Relative to the other boroughs, the Bronx saw a massive growth spurt in leads year-over-year, topped by Highbridge (+420.5%), Central Riverdale (+308.9%), Mount Eden (+252.6%), Kingsbridge (+183%), and Mott Haven (+73%).
Released on a quarterly basis, the RentHop Rental Report analyzes the NYC rental market using the platform’s traffic and lead generation data. The lead volume, most inquired apartment type, and year-over-year changes are determined based on the inquiries sent by renters visiting the RentHop site. The median asking rent is calculated using all listings created in the previous quarter across all apartment types. Note that unlike other RentHop studies that analyze and summarize data using the Neighborhood Tabulation Areas, the RentHop Rental Report adopts a more granular neighborhood shapefile for the analysis, which is consistent with the listing search criteria on the consumer side.