Here’s a quick snapshot of the NYC rental market for September 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 were way down in Manhattan, both compared to the prior month and the prior year. This kind of drop from August to September isn’t unusual, however. The lower level of activity in the borough may have been due to increased rents (which were up 5% compared to August) and lower inventory (down 12% compared to August). While the number of listings was still well above the last couple of years, it hit one of the lowest levels seen since April. 

Brooklyn likewise saw a month over month decrease in signed leases. But leasing activity was 5% higher compared to last year. Why? Relatively stable prices probably played a role. Even though rents were up on an annual basis, they changed very little compared to the prior month. Combined with much higher inventory compared to September 2023, this likely encouraged renters to sign new leases. 

What’s Next? 

We’re likely to see more of the same for the month of October. Leasing activity will probably fall off as is typical of seasonality. And inventory may also see some declines as fewer landlords decide to list. However, if leasing activity slows down enough, we could see an uptick if listings linger. 

Renters may face less competition, with fewer people looking for new places to live. But if there’s less inventory for them to consider, it may not feel like a less competitive market.   

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 September 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!