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

Summary

Signed leases in Manhattan roared back in the month of August. They were up 19% compared to July. This was likely spurred by the first annual decline in rents in three years along with robust inventory. In fact, all apartment sizes saw price declines – a big win for beleaguered renters. 

The news was less thrilling across the East River in Brooklyn. Although median rents were stable month over month, they still increased on an annual basis. But the inventory situation was much better compared to last year this time. Listings were up 26% compared to August 2023. So renters at least had a bit more to choose from.

What’s Next? 

Manhattan renters may be able to breathe a little bit easier while searching for a rental. The market is still competitive, but renters are likely to have somewhat more options than they’ve had compared to prior years.

Brooklyn renters, however, will need to stay poised for stiff competition. They’re not likely to experience the same level of inventory crunches that we saw in prior years. But a large jump in inventory isn’t likely to happen on a month over month basis now that we’re getting past the peak of the summer rental market. 

What to Expect as a Renter

As usual, if you’re in the market for a new spot, 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 August 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!