NYC Rental Market Update October 2021
Here’s a quick snapshot of the NYC rental market for October 2021, with a focus on Manhattan and Brooklyn. Click here to view the previous market update.
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 a bit of seasonal slow down, the rental market in both Manhattan and Brooklyn continued to remain strong. But as noted in this recent article by Brick Underground, the market wasn’t exactly even in its strength. By far, doorman buildings saw the most demand while non-doorman buildings didn’t see the same kinds of gains.
The market is likely to be fairly “stable” over the next few months. This means that we’re not likely to see a flood of new inventory and that lease signings are likely to remain at a healthy pace. But if demand unexpectedly spikes (and it might, with more workers slated to return at the beginning of 2022), we might see prices go up.
What to Expect as a Renter
If you’re looking in a popular area, then you need to be on the ball. Make sure you have everything you need to be ready to go. Here’s a video reminder in case you need a refresher.
You especially need to be ready to pounce the most in demand listings (two or more bedroom listings), which have features like the following:
- Private outdoor space or shared roof deck/courtyard
- In unit washer/dryer
- Private storage
- Bike storage
To get the full NYC Rental Market Update for October 2021, click here.