NYC Rental Market Update October 2022

Here’s a quick snapshot of the NYC rental market for October 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 rental stats for Manahttan and Brooklyn during the month of October 2022

In a bit of a surprise, leasing activity catapulted both month over month and year over year in both boroughs. This was likely due to the decline in prices. Rents were still up considerably year over year. But they were down 6% in Manhattan and 2% in Brooklyn, compared to September. 

More relief may indeed be on the way for renters in the coming weeks. Inventory finally saw notable increases, especially in Manhattan. And days on market were up in both boroughs compared to last year this time. 

What’s Next? 

Even though leases were “hot,” the cool down predicted last month may be starting to materialize. And renters may be heartened to hear that prices are actually on the downswing. It’s still not going to be anywhere near a “renter’s market.” But things may return to more of what we tended to see pre-pandemic in the coming weeks and months. 

What to Expect as a Renter

Competition is still going to be tricky for desirable homes, especially in popular areas. Preparation is always the key to getting the jump on a great place! So 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 October 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