NYC Rental Market Update July 2022
Here’s a quick snapshot of the NYC rental market for July 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 places where you’re more likely to have some bargaining power.
The same trends as seen in previous months have continued to hold. Lease signings continued to fall compared to last year’s eye popping highs. But inventory remained stubbornly low while prices continued to rise.
However, there was a bit of a surprise in this month’s numbers for Manhattan. Month over month price increases were basically flat. And in Brooklyn, the month over month increases were fairly modest. Additionally, days on market for both boroughs were up, signifying just a smidge of relief in the breakneck pace of listings getting snapped up.
We’re likely going to continue to see more of the same as the summer finally starts to come to a close. And competition might even intensify just a bit more as new hires descend on the city to start work in early September.
However, mortgage interest rates have taken a few surprising turns (including an unexpected decrease). This along with news of a slowing sales market in the city might encourage some potential buyers to resume their search. And if they do so in large enough numbers, this might provide a little bit of competitive relief. But don’t bank on it!
What to Expect as a Renter
Super stiff competition is still the name of the game, especially for the best properties in prime locations. So you need to be on your A++ game to snag a place.
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 July 2022, click here.