Here’s a quick snapshot of the NYC rental market for March 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 lowest price increases) across the most categories of apartment types.
Prices continued higher in the month of March, but there are some anecdotal signs that the increases might finally be moderating. Leasing activity is down across both boroughs, but the decrease in inventory is offsetting this to tip the market in favor of landlords. Both boroughs did finally see increases in inventory, but Brooklyn’s increase was much smaller than Manhattan’s.
April will be yet another challenging month for renters. But those signs of relief that I discussed previously might be finally materializing. Renters absolutely should not expect things to tip back in their favor. But as more and more inventory comes to the market, they might end up dealing with a much less frenzied market. And that alone is likely welcome news to many weary apartment hunters!
Competition will continue to be intense across property types due to the continued lack of inventory.
The key to getting the jump on a great place is being prepared! 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 March 2022, click here.
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