NYC Rental Market Update February 2024

Here’s a quick snapshot of the NYC rental market for February 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 February 2024

Summary

The pace of lease signings slowed down in Manhattan and Brooklyn. And asking rents posted a surprising gain in Manhattan. But they’re still below the highs reached in July of last year. Meanwhile, in Brooklyn, the median rent stayed on par with last month’s record high.  

Listings also continued to be far higher than last year this time in Manhattan. And Brooklyn renters also saw a little bit of relief, thanks to a 12% month over month increase. 

But listings aren’t lingering – they’re talking half as long to find new renters as they did last year. So this means renters still have to move quickly to secure a new spot. 

What’s Next? 

March is likely to look very similar to February, as it’s not typically a high turnover month for leases. It’s possible lease signings may see an uptick if renters are encouraged by inventory options and if they’re dissatisfied with lease renewal increases. But renters should still expect a lot of competition, especially in Brooklyn where inventory growth continues to be a bit sluggish.  

What to Expect as a Renter

The best apartments are always going to be in high demand, no matter the market. 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 February 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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