NYC Rental Market Update May 2021
Here’s a quick snapshot of the NYC rental market for May 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.
Manhattan is still a prime spot for deals. In fact, lots of renters are getting deals they once thought were pipe dreams.
While there’s also good value in Brooklyn, the “deals” aren’t quite the same. If you’re looking in areas where new developments are plentiful, then you’re likely to still score some great concessions. But for other property types, there’s stiff competition.
New York state just hit the benchmark of having 70% of the adult population vaccinated with one dose. This is likely to speed up efforts to have workers return to the office. And more workers in the city = more competition for apartments.
What to Expect as a Renter
Summer is upon us, and it’s usually the busiest time of year for rentals.
While renters are still likely to have quite a number of options, it’s still imperative that they be ready to move on a rental they want.
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 May 2021, click here.