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.
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.
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.