Here’s a quick snapshot of the NYC rental market for June 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 and/or more options.
The rental market’s strength in both boroughs has continued. But there are some signs of moderation, even as we approach summer. Rents were up on an annual basis in Manhattan and Brooklyn, but they were flat month over month in the former and up only 1% in the latter. Additionally, each borough saw meaningful inventory increases. This was likely due to “COVID deal” leases expiring, forcing some renters to seek out other options. But in Brooklyn, the bump was also caused by new rental projects coming online.
If June’s trend continues, then renters will see some more options as the summer continues on. But that’s far from saying they’ll have any kind of advantage. Even with the strong month over month increases in inventory, listings are still well below what we saw back in 2021. In Manhattan, they’re a mere fraction.
However, the lack of a rent increase month over month makes some experts believe that renters may have finally reached their limit with increases. And stabilizing interest rates may encourage some would be renters to explore the possibility of buying. It’s still unclear if it’ll happen in a large enough number to make a meaningful difference. Plus, we’re at the beginning of peak rental season, so rents could still go higher (especially in Manhattan).
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 June 2023, click here.
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