Here’s a quick snapshot of the NYC rental market for December 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.
Leases signed were up a healthy amount year over year in Manhattan. This was likely due to renters feeling more encouraged to sign new leases since prices cooled off. While median rents were still up compared to December 2021, they were flat compared to November 2022. Inventory also skyrocketed compared to last year – by 49%. But this shouldn’t be too surprising considering how constricted listings were in December 2021.
Brooklyn saw lease signings increase slightly on an annual basis, but they declined rather steeply compared to the previous month. This may have been a sign of seasonality considering that rents were flat month over month. Inventory in the borough, meanwhile, was up on an annual basis but actually decreased slightly compared to November 2022.
Renters should look forward to a more “normal” market in the coming weeks and months if these trends continue. And they might even get just a smidge of negotiating power back if inventory and days on market increase. But renters shouldn’t get too excited. Afterall, a “normal” rental market in NYC is still deeply competitive.
Renters are still going to have to be ready to put their best foot forward. There’s less competition and more opportunities, but the competition is still tough. Nonetheless, if you’re well prepared, 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 December 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!
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