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. 

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!