NYC Rental Market Update August 2021
Here’s a quick snapshot of the NYC rental market for August 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 delay of office return dates does seem to have impacted the market, with August seeing the lowest level of lease signings since February 2021. But this also could’ve been due to typical seasonality. Leasing activity does often show signs of slowing down this time of year.
However, in both boroughs, inventory continued to get snatched up by eager renters, with inventory in Manhattan reaching some of the lowest levels seen in sixteen months.
Although office return delays have likely shrunken the pool of renters, competition is still rather fierce for rentals. This is due primarily to lower inventory compared to recent months. It may also be due to people seeking later than normal lease start dates in anticipation of going back to their offices either at the end of 2021 or beginning of 2022.
What to Expect as a Renter
Renters should still be prepared to compete in popular areas. Make sure you have everything you need to be ready to go. Here’s a video reminder in case you need a refresher – The Secret to Getting a Rental Apartment in NYC.
You especially need to be on the ball for the most in demand listings with features like the following:
- Two or three bedrooms (especially large ones)
- Private outdoor space
- In unit washer/dryer
- Private storage
- Bike storage
To get the full NYC Rental Market Update for August 2021, click here.