NYC Rental Market Update February 2021
Here’s a quick snapshot of the rental market in Manhattan and Brooklyn for February 2021.
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.
This is without a doubt still one of the BEST times in a LONG time to make a move to Manhattan – especially if you’re looking to score a studio. And Brooklyn apartment hunters will also have many options in their favor.
Of course, there’s a question on many people’s minds right now.
How long will this last?
Based on the stats for the February 2021 rental market here in NYC, I feel it’s a pretty safe bet that there’s going to be great deals to be had through spring and early summer, at least. This is primarily due to the fact that there’s still a record amount of inventory on the market, including Manhattan.
But there’s a possibility that once summer hits, the situation could change very quickly. The rate of new lease signings has been high for the last couple of months, so supply is finally starting to come down.
What to Expect as a Renter
Renters should expect increased competition as the weather warms up and as vaccinations ramp up around the city.
And remember, you should always expect competition for in demand listings (townhouses and two or three bedroom listings), which have features like the following:
- Private outdoor space
- In unit washer/dryer
- Private storage
- Bike storage
To view the full rental snapshot, click here.