NYC Rental Market Update July 2021

Here’s a quick snapshot of the NYC rental market for July 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.

Infographic showing NYC rental market information for July 2021

The rental market is still going strong, especially compared to last year this time. The vacancy rate is significantly lower and there’s much more competition, especially in prime areas

But that being said, inventory still remains at elevated levels in both Manhattan and Brooklyn. And prices overall are still down year over year.

What’s Next? 

With some office return dates delayed, competition for apartments may cool. But renters shouldn’t expect to gain that much of an upper hand. Instead, what’s likely to happen is that the “rental season” is going to continue beyond October and November. This is especially likely to be the case if more businesses peg early 2022 as their return date. 

What to Expect as a Renter

Competition will stay stiff for popular areas. Make sure you have everything you need to be ready to go. If you’re not sure what I mean by that, then go watch this video NOW.

You especially need to be on the ball for the most in demand listings (two or more 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 July 2021, click here

And if you’re thinking about getting a new rental in NYC, then check out my Renter Resources page and get my FREE guide to renting in NYC when you join my email list!



Sign up for my newsletter

Get my NYC First Time Home Buyer Guide FREE when you sign up for my monthly newsletter

Subscription Form

By clicking Sign Up you're confirming that you agree with our Terms and Conditions.

Related Posts

How Much Does It Cost to Own a 2 Bedroom in NYC? (November 2023)

Read more

October 2023 NYC Monthly Sales Market Update

Read more

NYC Rental Market Update October 2023

Read more

How Much Does It Cost to Own a 1 Bedroom in NYC? (October 2023)

Read more

September 2023 NYC Monthly Sales Market Update

Read more

NYC Real Estate Market Update Q3 2023 – Manhattan & Brooklyn

Read more

NYC Rental Market Update September 2023

Read more

Top NYC Real Estate News September 2023

Read more