Here’s a quick snapshot of the NYC rental market for July 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.
Unsurprisingly, the rental market remained strong in July which is prime time rental season. Lease signings were up in Manhattan 30% year over year. But they were up a more modest 9% in Brooklyn for the same time period.
Inventory increased markedly compared to 2022 in both boroughs (36% in Brooklyn and 31% in Manhattan). But growth in inventory was flat month over month, so renters likely didn’t feel like they had more options.
There was a smidge of good news for renters, however. Although rents increased on an annual basis in both boroughs, they were flat month over month in Manhattan and up a more modest 3% in Brooklyn.
August is likely to be another strong month for renters, especially as new hires and relocations enter the market looking for apartments in advance of fall start dates. How much downward pressure this puts on inventory remains to be seen. But it’s likely we could see overall prices tick upward in response. Keep in mind this is normal for this time of year, when rents tend to peak. The lack of significant month over month growth in prices may indicate that rents are finally reaching somewhat of a ceiling.
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 July 2023, click here.
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