Here’s a quick snapshot of the NYC rental market for May 2023, with a focus on Manhattan and Brooklyn.
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 and/or more options.
The rental market continues to look strong in both boroughs, with each one seeing record setting high prices. And leasing activity also seems poised to stay healthy as well. Lease signings were up by double digits in both Manhattan and Brooklyn. While inventory was up quite a bit compared to 2022, it’s minimal comfort to renters. Month over month inventory increases were pretty modest in both boroughs.
The market is expected to remain super competitive. Renters may see a little bit of relief if more tenants opt to go for new spots as opposed to renewing. But with rents at such high levels, many will probably choose to stay put.
It’s hard to say what – if any – impact stabilizing interest rates will have on the rental market. It may draw some would-be renters back into the buyer pool. But perhaps not enough to lessen competition.
As always, those who are well prepared will be in a solid position to nab 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 May 2023, click here.
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