Here’s a quick snapshot of the NYC rental market for December 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.
Lease signings declined both on an annual basis and a monthly basis in both boroughs. But this is typical of seasonality, as winter tends to be the slowest rental season.
Inventory was up sharply in Manhattan on an annual basis. This is also very typical of this time of year, but the size of the increase was very notable (43%). In fact, this was a 3 year high for the month of December. Brooklyn also saw an increase in inventory, but it was a much more modest increase of 8%.
Days on market increased substantially month over month for both boroughs. This is again what we’d expect to see during the slower winter market. But the big surprise for December was prices. Both boroughs posted some surprising (albeit modest) year over year gains.
Renters – especially in Manhattan – will see quite a few more options available to them to start the year. So expect to see more concessions and have more time to make a decision before you sign on the dotted line. But that being said, renters shouldn’t expect to see meaningful price declines just yet. Landlords are more likely to offer concessions first (such as free rent or paid broker’s fees) before they lower their asking rents.
Brooklyn renters won’t see as much of a power shift in their favor as their Manhattan counterparts. But with less competition and more listings on the market, they should face a less harried environment.
No matter what’s happening, the best apartments are always going to be in high demand. So you need to be prepared. 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 December 2023, click here.
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