NYC Rental Market Update September 2022
Here’s a quick snapshot of the NYC rental market for September 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.
It was more of the same during the month of September, which isn’t too surprising. As mentioned in the previous report, September is a month of very robust leasing activity due to new hire start dates.
But that being said, there were some encouraging trends to keep an eye on. Although rents were up dramatically versus September 2021, they only saw modest increases month over month. Inventory ticked up in both boroughs, and days on market also increased.
A market cool down is likely to start materializing in October. And it appears that renters can finally look forward to a pause on eye-popping increases for new leases.
But renters shouldn’t get that excited. It’s unlikely that we’re going to see much in the way of price declines. But renters should finally catch a break when it comes to the breakneck pace of things, thanks to a little bit more inventory and more time on market for more listings.
What to Expect as a Renter
Competition is still going to be tough for the most coveted apartments. So, as always, preparation will be key to getting the jump on a great place! Be sure to have everything you need 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 September 2022, click here.