Here’s a quick snapshot of the NYC rental market for November 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 Manhattan, signed leases and rental prices were up year over year. But month over month rental prices were unchanged, and leasing activity was down sharply compared to October. Inventory remained pretty steady month over month but was up sharply compared to November 2021.
Brooklyn saw similar trends, with rents and lease signings up compared to the previous November. But like Manhattan, signed leases were down compared to October. However, unlike Manhattan, rental prices actually took a small month over month dip. Average listing inventory also creeped up on an annual basis.
Signs continue to point to improving market conditions for renters as we approach the end of the year. Less leasing activity, price moderation and more time on market all equate to landlords finally not having so much outsized leverage.
But it’s important to keep in mind that inventory is still a very far cry from what we saw in late 2020 and early 2021. Renters are not going to be in the “driver’s seat” in the coming months. Instead, the process of finding a rental will likely just become less harried than it has been for most of this year.
Competition is still going to be tough for the most in demand apartment types, especially in popular areas. But if you prepare in advance, you’ll be in a great position to snag a great place. 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 November 2022, click here.
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