NYC Rental Market Update January 2022
Here’s a quick snapshot of the NYC rental market for January 2022, with a focus on Manhattan and Brooklyn. Click here to view stats for the previous month.
Note that the areas for “best deals” are determined by a combination of vacancy rates and/or areas with price declines (or lowest level of price increases) across the most categories of apartment types.
We’re seeing the same trend that we saw in the previous months. Lease signings are down but prices are up. And it’s being caused by the same phenomenon – low inventory.
Renters did see a bit of relief in Manhattan, where listings ticked up by 23%. But it’s still a far cry from the days when there was two or three times as much inventory.
Brooklyn renters, unfortunately, didn’t see a similar reprieve. In fact, with a 9% decline in inventory month over month, searchers in the borough are likely feeling like things are getting worse in terms of options!
Leasing activity is expected to continue the same trajectory through February and possibly even through early March. But as the temperatures warm up, so will the hunt for new apartments.
The good news for renters is that more inventory is likely on the way. Landlords tend to see more turnover in rentals during the spring and summer. And with big price hikes imminent, it’s likely many renters are going to decline to renew their leases. So that means more listings! But it also means more folks looking for a new pad, so you can expect more competition.
What to Expect as a Renter
Competition is still going to be fierce across property types 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.
To get the full NYC Rental Market Update for January 2022, click here.