Here’s a quick snapshot of the NYC rental market for September 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.
Not surprisingly, the rental market remained strong in the month of September for Manhattan. Signed leases were up a whopping 55% compared to the previous year. This was likely due to a much improved inventory situation compared to last year at the same time. In fact, Manhattan saw some of its highest inventory levels since July of 2021.
Manhattan renters also got some welcome news when it comes to prices. They didn’t increase month over month. And they were only up by 1% on an annual basis.
The rental market also remained strong in Brooklyn. Lease signings were likewise up by a large amount year over year – up 52%. This was one of the biggest annual increases seen since June 2021. News regarding inventory wasn’t quite as good as it was for Manhattan renters, however. Listings were up 9% year over year, but they were down slightly compared to the previous month.
Brooklyn rental prices are also seemingly taking a breather. Median rents were up by 4% on an annual basis, but it was one of the smallest increases seen since October 2021. And the median rent was actually down slightly compared to August 2023.
Things could be taking a turn for the positive for renters in the coming months. October is still likely to be a busy month for rentals. But historically speaking, activity does start to decline. The fact that prices are already showing signs of stabilization is great news for renters in both boroughs. If the market continues to follow seasonal trends, then we can expect to see lower rents during the rest of the fall and winter.
That being said, renters shouldn’t expect the pendulum to swing that must further in their favor. Prices are likely to remain elevated. And many would-be buyers will continue to stay in the rental market due to high interest rates. So this means competition will remain. If anything, renters should expect to perhaps have a few more options to choose from. And more time to actually make a decision. But not when it comes to super in demand places and areas, of course 😉
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 September 2023, click here.
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