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

After a consistent period of increases, signed leases in Manhattan unexpectedly declined both annually and monthly. In fact, it was the lowest number of leases signed for the month of June in the borough since 2020. This was likely due to rents continuing to climb. They were up 4% compared to June 2023 and May 2024. With such high rates, many renters chose to stay put. But there was some good news for those who were on the hunt, as inventory still managed to increase compared to May. 

Brooklyn saw similar patterns. Signed leases tumbled by 23% compared to May, which is unusual because signed leases usually increase in June. Like Manhattan, this was driven by relentless price increases, with rents up 8% compared to last year this time. Renters did see some reprieve when it came to inventory nwhich increased on an annual and monthly basis. 

What’s Next? 

If rents don’t hit the pause button, more and more renters are going to decide to stay put. But that would actually be somewhat good news for people who do need to move. Fewer folks looking means less competition in the market. 

That being said – renters shouldn’t expect to have the upper hand. While lease turnover may be lower than past years, there’s still likely to be more people looking this time of year compared to earlier in the year. And inventory is still nowhere near what it was like back in the very slow days of 2020 and early 2021.  

What to Expect as a Renter

Be prepared for competition, especially for the most desirable listings. 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 June 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!