NYC Rental Market Update December 2020
Here’s a quick snapshot of the rental market in Manhattan and Brooklyn for December 2020.
Note that the areas for “best deals” are determined by a combination of vacancy rates and areas with price declines across the most categories of apartment types.
After checking out the numbers, you’ll probably notice something VERY striking – the average rent for studios and 1 bedrooms was LESS than the average rent in Brooklyn.
What the WHAT!?! Is Brooklyn finally overtaking Manhattan???
Keep in mind that those numbers are averages and not medians. While the median represents the midpoint, an average is more sensitive to being skewed upwards if there’s a lot of numbers that are large in the sample.
And I suspect that’s exactly what’s happening with the Brooklyn numbers. Certain areas of Brooklyn – in particular Downtown Brooklyn – are loaded with high end developments that are offering a ton of incentives. And these rentals tend to be much higher priced.
The overall median price lends itself to this conclusion as well – there’s an almost $300 difference between Manhattan and Brooklyn.
But I think what this does clearly illustrate is that there’s lots of deals and opportunities in Manhattan for folks looking to rent a studio or 1 bedroom.
To view the full rental snapshot, click here.