NYC Rental Market Update April 2024

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

Summary

The rental markets in Manhattan and Brooklyn are continuing to go strong. Although lease signings were down year over year for both boroughs, rents still increased on an annual basis. And in both areas, days on market plummeted compared to April 2023. This signals strong interest on the part of renters. The one silver lining for renters is that there were more listings available compared to last year. But it probably didn’t feel like it given that inventory actually declined month over month. 

What’s Next? 

Hopes for an improvement in inventory didn’t materialize in April. But things might get a bit better for the month of May. How much better? Probably not a whole lot since there aren’t very many large new developments slated to hit the scene. There are some plans in the works to help boost rentals, especially in Manhattan. But we aren’t going to see that come to fruition to help in time for this year (or even the next). 

What to Expect as a Renter

Renters should expect the market to stay quite competitive. So if you’re on the hunt, you need to be well 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 April 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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