NYC Rental Market Update August 2022
Here’s a quick snapshot of the NYC rental market for August 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.
Once again, we’re seeing the same patterns – overall lease signings down, but prices continue to go upwards. The reason for this continuing to be the situation is due to a few factors. Tenants are deciding to stay put given all the news about sky high rents. What was once a glut of new rental housing has finally been absorbed, and construction of new rentals is lagging. Taken together, this is resulting in inventory continuing to decline year over year. And rising interest rates continue to keep would-be buyers on the sidelines, increasing competition.
Absent an outside “shock to the system,” we’re likely to see more of the same in the month of September. The month is typically a busy time of year for rentals due to new hires starting new jobs. But “shocks” are certainly possible, especially given the Fed’s recent very aggressive rate increase and inflation continuing to be an issue.
What to Expect as a Renter
Competition is still going to be fierce, especially for the most desirable of places. But there’s some anecdotal evidence that concessions are coming back for luxury buildings that are further from transit. So if that’s something you can take advantage of, then certainly look into it!
As always, 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 August 2022, click here.