Here’s a quick snapshot of the NYC rental market for February 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.
Although lease signings were down slightly compared to January, February’s rental market in Manhattan showed continued signs of strength on an annual basis. And prices have remained at historic highs. But it wasn’t all bad news for renters. Inventory finally crossed the 6000 threshold for the first time since November.
Brooklyn renters also had a bit of good news in February, with significant year over year growth in inventory. And February also saw a month over month decrease in asking rents. The decline in rental prices is likely what spurred more lease signings for the month.
While renters shouldn’t hope for meaningfully lower rents any time soon, there are some trends worth keeping an eye on. Even though rents in both boroughs were up year over year, they were up by some of the smallest amounts we’ve seen in over a year. That could mean that annual increases are finally moderating. And as rents seem “less out of control,” more folks may be willing to make a move. And that in turn could start freeing up a bit more inventory.
What to Expect as a Renter
Competition for rentals is still fierce, and likely to become even more so as we head into the spring. But those who are prepared will be in a great position to nab 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 February 2023, 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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