Here’s a quick snapshot of the NYC rental market for July 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 posting a surprising month over month decline in June, signed leases in Manhattan rebounded in July. But the numbers were still lower than May and lower than last year this time. The likely culprit was the continuing rise in rental prices. While they were stable compared to June, they were up 4% compared to July 2023. Inventory in the borough also continued to increase, thanks to new developments which finally hit the market. 

A similar pattern was seen in Brooklyn, with signed leases up for July but lower compared to May. However, unlike Manhattan, the number of signed leases was higher than July 2023. The reason? Prices stayed fairly flat and, more importantly, inventory crossed the 5,000 listings threshold for the first time in 3 years. So renters had more options for new digs. 

What’s Next? 

Manhattan renters may see themselves with a bit more opportunity if current trends continue. Not necessarily in the form of lower prices, but more options and possibly more concessions. 

Brooklyn renters meanwhile can breathe a sigh of relief for the first time in a while, thanks to higher inventory and moderating prices. 

But renters in both boroughs shouldn’t rest on their laurels. August is still a very high demand month for rentals, especially with many new hires who have early September start dates. 

What to Expect as a Renter

Renters should still be prepared for competition, especially for the most popular 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 July 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!