NYC Rental Market Update December 2021
Here’s a quick snapshot of the NYC rental market for December 2021, with a focus on Manhattan and Brooklyn.
Note that the areas for “best deals” are determined by a combination of vacancy rates and/or areas with price declines across the most categories of apartment types.
Lease signings continue their downward trend. But prices continued their upward march. So what gives?
It’s because inventory is at staggeringly lower levels compared with earlier this year. For example, in March of 2021, inventory stood at 15,508 listings in Manhattan. In December, there were only 2,777 listings. That’s a jarring drop. And it means renters are competing for far fewer apartments.
While seasonality and Omicron have certainly impacted leasing activity, it doesn’t seem to be putting as much of a damper on the market as previously feared. And with the tide turning in the rate of infections, confidence in New York City’s revival will likely be boosted. And more employers will start to make plans about how and when to bring workers back to the office. But we can still expect many workers to remain remote for the time being. So leasing activity is likely to stay muted.
What to Expect as a Renter
There may not be quite as many renters out there looking. But competition is still going to be fierce for desirable listings simply due to lack of inventory.
Preparedness, as always, is key. 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 December 2021, click here.