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

As predicted, signed leases in Manhattan declined steeply compared to October. But activity was actually flat compared to last year this time. And in line with seasonality, active listings took a sharp tumble on both an annual and monthly basis. In fact, Manhattan rental listings hit one of the lowest levels seen in 18 months. 

By contrast, Brooklyn actually saw an annual increase in signed listings (activity did still decline compared to October, however). This was likely due to modestly declining rents and a less drastic decline in listings inventory. With a decent selection of options and lower rents, more renters felt comfortable taking their chances with a new lease compared to Manhattan renters.

What’s Next? 

We’re likely to see more of the same in Manhattan. Prices may move down slightly compared to prior months as demand cools off. But if the inventory shortage continues, any such decreases will be limited in scope and amount. It’s more likely that landlords will resort to incentives such as free rent rather than lowering asking rents. 

We might see more positive trends for renters in Brooklyn. If inventory doesn’t fall off too much, lower demand could result in lower prices as well. So this December might shape up to be a good time to score good value on a new place. 

What to Expect as a Renter

No matter what’s happening with the market, the best places are always going to be competitive. Preparation is always key. 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 November 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!