NYC Rental Market Update November 2021
Here’s a quick snapshot of the NYC rental market for November 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.
Even though lease signing activity is way down compared to the summer, prices continued to rise. This was largely driven by the tight inventory situation. Listings are far below the peaks seen in 2020. In fact, even compared to earlier this year, the inventory is incredibly tight. For example, in Manhattan alone, inventory for November was less than half of the levels seen in July.
The emergence of the Omicron variant has introduced another level of uncertainty for everyone. But it’s unclear what kind of impact, if any, it’s likely to have on the rental market in NYC. Leasing activity may continue to slow down due to seasonality. But it’s possible that further delayed office return dates may cause even more of a slow down.
What to Expect as a Renter
The combo of further delayed office returns plus seasonality may result in a somewhat less frenzied market for renters in the coming weeks. But tight inventory means that renters won’t have nearly as many options to choose from.
Preparedness is still going to be key in these circumstances. 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 November 2021, click here.