Here’s a quick snapshot of the NYC rental market for June 2022, with a focus on Manhattan and Brooklyn. You can view stats from the previous month here.
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. Keep in mind that “best deals” doesn’t necessarily mean “cheapest.” It just means the place where you’re more likely to have some bargaining power.
Lease signings continued to rise in both boroughs, as we’d expect for this time of year. But the levels were far below last year’s record numbers. Despite the eye popping numbers for average rents in Manhattan, month over month increases in the borough weren’t too extreme. And the same was the case in Brooklyn.
We may be finally starting to see the impact of the Fed’s interest rate hike, as demand remains robust, especially in Manhattan. And more would-be buyers decide to nix their plans for buying.
Compounding the situation is unexpectedly low inventory. In fact, inventory levels have only changed very modestly in Manhattan for the last three months. This is a bit unusual considering that we’re now in peak rental season. So renters in the borough should continue to expect really intense competition, especially for larger residences.
Brooklyn renters may see a little bit more relief thanks to an influx of new listings. But they can’t exactly rest on their heels either. With the price gap widening between Brooklyn and Manhattan, more renters may come into the borough to find better value.
You should expect to continue to have to go toe to toe with other renters, especially for the best properties in prime locations.
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 – NYC Apartment Hunting Tips – The Key to Getting An Application in FAST.
To get the full NYC Rental Market Update for June 2022, click here.
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