Here’s a quick snapshot of the NYC rental market for January 2023, 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.
The Manhattan rental market saw surprising strength for the start of the year. The winter market is typically the slowest season of the year. But signed leases were up markedly both year over year and month over month. This translated to prices remaining high, much to the disappointment of many renters. But there was still some good news for tenants – inventory was up by 20% compared to January 2022.
Brooklyn’s rental market was fairly solid, but a little less so compared to Manhattan. Lease signings were up on an annual basis, but they were down on a monthly basis. Like Manhattan, inventory increased meaningfully, but prices remained high compared to January 2022.
Hopes for lower rents anytime soon have been thoroughly dashed by this latest report. But higher inventory should help moderate further increases somewhat. And it’ll also give renters more options and, perhaps, more time to make their decisions as a result.
You know the drill by now. Competition is out there, and it is kicking. But if you’re well prepared, you’ll be well positioned to get a great place. Here’s a video reminder of what you need in order to put your best foot forward – NYC Apartment Hunting Tips – The Key to Getting An Application in FAST.
To get the full NYC Rental Market Update for January 2023, click here.
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