Here’s a quick snapshot of the NYC rental market for February 2022, with a focus on Manhattan and Brooklyn. Click here to view the previous rental market snapshot.
Note that the areas for “best deals” are determined by a combination of vacancy rates and/or areas with price declines (or least lowest price increases) across the most categories of apartment types.
The trend of increasing prices continues and has become much more pronounced in both boroughs. Manhattan rents saw an annual increase close to 30%, and Brooklyn saw increases of just over 20%. Manhattan renters were likely pinched by shrinking inventory. And while Brooklyn saw a little bit of relief in that regard, it likely wasn’t enough for most renters to really notice the difference.
March may prove to be a particularly challenging month for renters. Demand for rentals is still significant, but it doesn’t look like inventory is going to catch up enough to satiate it. But, more lease turnovers could be on the horizon for April and May. So if you can hold out on looking, that might be a better strategy if you’re not finding much in the way of options. The potential downside to going that route, however, is that you might face more competition.
What to Expect as a Renter
Competition is going to be extra fierce across property types due to the continued 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 February 2022, click here. And if you’re thinking about getting a new rental in NYC, then check out my Renter Resources page and get my FREE guide to renting in NYC when you join my email list!
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