Here’s a quick snapshot of the NYC rental market for October 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.
Hopeful trends for renters continued in the month of October in both Manhattan and Brooklyn. Both boroughs saw gains in available inventory on both a month over month and year over year basis. But the gains were the most pronounced in Manhattan, which saw a 42% increase in listings compared to October 2022.
Although the median rent in both boroughs was up on an annual basis, rents actually declined on a monthly basis. And the annual increases were some of the smallest seen in quite some time.
With cooler temperatures often comes a cooler rental market. So renters may end up getting more good news in November, since rents seem to be following their typical seasonal trends this year. But renters shouldn’t get too excited. Even though inventory is up meaningfully in both boroughs, the number of listings remains very far below what we saw in late 2020 and early 2021. So renters shouldn’t expect to be in a power position. But they can expect a break on increasing rents, more options to choose from and perhaps more time to make a decision.
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 October 2023, click here.
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