NYC Rental Market Update January 2024

Here’s a quick snapshot of the NYC rental market for January 2024, 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.  

Infographic showing rental stats for the NYC rental market for the month of January 2024

Summary

Market activity for the month was strong in Manhattan with lease signings up 38% compared to December. And as anticipated, inventory was significantly higher compared to January 2024 – up 40% year over year. Properties also moved much more quickly compared to last year, as days on market ticked down significantly. Rents in the borough saw an increase but this was mostly due to the rental of high end luxury apartments. 

Brooklyn also saw strong market activity, with lease signings up 37% compared to December. The borough, however, didn’t see the same annual gains with inventory that Manhattan did. And this contributed to the median rent reaching a surprising historic peak. This is some very disappointing news for renters who were hoping for a break. Lower inventory also contributed to less time on market, with days on market down significantly year over year. 

What’s Next? 

The market is unusually strong for this time of year. Units are moving more quickly and prices are staying high. 

But things are looking better for renters in terms of options compared to last year, at least in Manhattan. There are some concessions being made available, especially in buildings with excess inventory and in less trendy areas. 

Things aren’t looking as promising in Brooklyn, however, where the rental market is expected to remain tight. For those living in higher priced areas, they may actually want to start looking across the river to see if they can get a better deal.  And some folks may need to consider if buying actually makes more sense – especially studio and 1 bedroom renters

What to Expect as a Renter

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 January 2024, click here

And if you’re thinking about getting a new rental in NYC, then check out my Renter Resources page and get my FREE guide to renting in NYC when you join my email list!

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