The booming U.S. housing market has spilled over to the rental market, which has seen demand for apartment and single-family rentals skyrocket this year, as high sales prices and an inadequate supply of available housing have forced many prospective buyers to rent for the foreseeable future. Increased demand for housing, along with an improving economy, has competition for rental units soaring, and landlords are taking note, with the national median rent increasing 11.4% in 2021 so far, according to Apartment List. New Listings in Staten Island decreased 27.9 percent to 560. Pending Sales were down 22.3 percent to 478. Inventory levels fell 43.2 percent to 1,461 units.
Prices continued to gain traction. The Median Sales Price increased 15.2 percent to $645,000. Days on Market was down 34.8 percent to 83 days. Sellers were encouraged as Months Supply of Inventory was down 62.8 percent
to 3.0 months.
In new construction, home builders continue to struggle to meet buyer demand, as housing starts nationwide dropped 7% last month, according to the Commerce Department. Single-family home construction declined 4.5%, and multi-family home construction, which includes condos and apartment buildings, was also down, falling by 13%. Labor shortages, rising material costs, and supply-chain setbacks continue to challenge builders, with some projects
temporarily paused due to availability and cost of materials.
|+ 97.3%||+15.2%||- 43.2%|
|One-Year Change in Closed Sales||One-Year Change in Median Sales Price||One-Year Change in Inventory|
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