NYC Rental Market Update March 2024

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

Summary

The Manhattan rental market continued to be strong in March 2024. Lease signings were up 11% compared to the prior month. And median rent reached a record high of $4550 for the month, historically. But this was largely due to fewer non-doorman leases signed. 

High demand and diminished supply also played a role in increased prices. Even though listings were far higher compared to March 2023, they declined by 10% compared to Feb 2024. This is the largest month over month decline in almost 2 years

The Brooklyn rental market was also healthy but a bit more muted compared to Manhattan. Lease signings were up a modest 9% compared to February. And both the median and average rent reached new highs. But Brooklyn saw a much smaller decline in listings – just 2% compared to Feb 2024. 

Nonetheless, demand for those listings caused days on market to plummet compared to last March (down 49%). 

What’s Next? 

More lease renewals come up in April compared to winter months. And landlords may be more encouraged to list apartments for rent due to news of rising rents. So renters may see themselves with more supply for this month. 

Additionally, there are reports that more landlords are using incentives to keep their rents high, especially in larger and newer buildings. But due to continued strong demand, renters will still face stiff competition. 

What to Expect as a Renter

Renters should expect the market to get more competitive this spring. 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 March 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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