Here’s a quick snapshot of the NYC rental market for April 2022, with a focus on Manhattan and Brooklyn. Click here to view the previous rental market update.
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, in the event of a rising market) across the most categories of apartment types.
Although signed leases were down sharply year over year in Manhattan, they were up month over month. And prices continued their upward trajectory. Inventory also shrank month over month, but the vacancy rate stayed fairly stable at 1.85%. But this was probably small comfort (if any) for those who were actively looking during the month!
Brooklyn saw the same patterns – lease signings down compared to 2021, but otherwise up versus March. And prices climbed higher still as inventory remained tight.
We expect more of the same for the month of May. But as we head into the traditional “high season” for rentals, renters may start to finally see some relief in the form of increased inventory. Especially as many renters decline to renew leases with much higher rents.
What to Expect as a Renter
Competition is still going to be tough because inventory is still far short of what would be considered a more “balanced” market.
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 April 2022, click here.
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