Here’s a quick snapshot of the NYC rental market for November 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.
Rents may still be high in Manhattan, but they’re below the record highs we saw in the summer. The uptick in the median is a bit of a sleight of hand. It was primarily due to a higher proportion of leases signed in doorman buildings which tend to be more expensive.
In Brooklyn, rents continued their march upwards after taking a breather in the previous months. However, it’s becoming much clearer that renters have reached their max. Leases were down sharply in both boroughs compared to the previous month.
Landlords are likely to see their big advantage slip away as we head into the winter. There tends to be fewer lease renewals and fewer new entrants to the rental market during the month of December. And despite slight down ticks in Manhattan and Brooklyn, rental inventory in both boroughs is much higher than it was last year this time. In fact, Manhattan saw an increase of 40% on an annualized basis.
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 November 2023, click here.
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