NYC Rental Market Update May 2024

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

Summary

Signed leases surged in Manhattan by 29% compared to April and were up 8% compared to last May. The reason? More listings. Inventory jumped 10% compared to April and was up 22% on an annual basis. This increase moderated prices. The median rent saw no annual increase for the first time in almost 3 years. And it actually went down compared to April by 2%. But the market was still super competitive as days on market were down by more than 50% compared to May 2023.

Brooklyn likewise saw a big jump in signed leases, with a 36% increase compared to April. Inventory also jumped significantly on both an annual and monthly basis by 25%. But unlike Manhattan, Brooklyn saw median rents increase. In fact, it surpassed $4000 for the first time ever

What’s Next? 

Inventory is likely to head higher as we enter the typically busy summer rental season. So renters should have even more options. But they’re also going to face more competition as some renters will opt not to renew and instead seek new digs. 

If inventory keeps increasing, Manhattan apartment seekers might see rents remain fairly stable. But the same can’t be said for Brooklyn renters, unless there’s a sudden influx of inventory. 

What to Expect as a Renter

Renters need to gear up mentally if they’re searching in the summer. This is the height of the annual rental market. 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 May 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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