NYC Rental Market Update June 2021
Here’s a quick snapshot of the NYC rental market for June 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.
Despite record breaking lease signings, inventory remains at historically high levels which gives renters a few advantages. However, renters shouldn’t overplay their hand – bidding wars are in full effect for in demand listings. And this is true in both Manhattan and Brooklyn.
We’re now in primetime for rental season. Leases should continue to be signed at a healthy clip. And the pace may even increase in the weeks ahead, as workers returning to the office in September try to nail down a deal on a new rental.
What to Expect as a Renter
Competition is likely to heat up along with the summer temps. I say it all the time, but you really have to be ready to go these days when it comes to snagging a rental.
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 June 2021, click here.