NYC Rental Market Update March 2021
Here’s a quick snapshot of the NYC rental market for March 2021, with a focus on Manhattan and Brooklyn.
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.
Deals still abound in Manhattan – especially for folks looking for studios, 1 bedrooms and doorman buildings. And both boroughs are still seeing year over year declines in asking prices along with high inventory.
As vaccinations have increased in New York City, so has optimism about its real estate market. And that’s finally beginning to spill over into the rental market, with folks scoring great deals on places.
But the tide may begin to turn in the next couple of months as we head into the busy late spring and summer rental season.
What to Expect as a Renter
Prices are still going to be lower compared to the past, but you should expect to face some stiff competition.
This is especially true 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 get the full NYC Rental Market Update for March 2021, click here.