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. 

Infographic showing key statistics for the rental market in Manhattan and Brooklyn during the month of September 2022

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. 

What’s Next? 

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

And if you’re thinking about getting a new rental in NYC, then check out my Renter Resources page and get my FREE guide to renting in NYC when you join my email list!



Sign up for my newsletter

Get my NYC First Time Home Buyer Guide FREE when you sign up for my monthly newsletter

Subscription Form

By clicking Sign Up you're confirming that you agree with our Terms and Conditions.

Related Posts

How Much Does It Cost to Own a 3 Bedroom in NYC? (May 2024)

Read more

NYC Real Estate Market Update Q1 2024 – Manhattan & Brooklyn

Read more

NYC Rental Market Update March 2024

Read more

March 2024 NYC Monthly Sales Market Update

Read more

Downsizing or Upsizing? Here’s How to Coordinate Your NYC Move

Read more

How Much Does It Cost to Own a 2 Bedroom in NYC? (March 2024)

Read more

February 2024 NYC Monthly Sales Market Update

Read more

NYC Rental Market Update February 2024

Read more