Here’s a quick snapshot of the NYC rental market for March 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.
Lease signings were up in both boroughs, with Brooklyn showing particular strength. But March also saw some of the first increases in rent both on an annual and monthly basis in quite some time. And inventory fell slightly month over month in both Manhattan and Brooklyn. So that’s far less welcoming news for renters.
March saw a strong month over month increase in sales, so that may mean more buyers might be jumping back into the sales market. If that’s the case, then that might help lessen competition for rental listings. But likely not by much. A lot will instead hinge on how many renters ditch their current leases for new digs, thus freeing up apartments for new tenants.
What to Expect as a Renter
I hate to say it, but it’s time to gird yourself for even more competition as spring continues. And if the inventory situation doesn’t inspire confidence, that could make the pickings even slimmer. But those who are prepared will always be in a great position to pounce on a great spot. 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 March 2023, click here.
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