Here’s a quick snapshot of the NYC rental market for October 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 were – unsurprisingly – down compared to September. But what was surprising was the annual decline of 15% compared to last October. This may have been due to the low level of inventory. It was not only lower compared to last year this time but at one of the lowest levels we’ve seen so far this year. Additionally, asking rents were up on an annual basis. So this combination likely spurred renters to decide to remain put. 

Brooklyn likewise saw both an annual and monthly decrease in lease signings. But unlike Manhattan, inventory was actually up compared to October 2023. So why did the borough see a decline in rental deal activity? Rising rents – which were up 5% compared to last year – were likely the culprit putting a damper on activity. 

What’s Next? 

We will probably continue to see lease signings decline in November, which is typical of seasonality. The colder the weather gets, the slower the rental market tends to be. 

Will renters see some reductions in price? It’s less likely to happen in Manhattan, due to the overall lower level of inventory. But there’s more of a chance that it could happen in Brooklyn if inventory growth continues along with cooling demand. There’s some signs that such drops may already be happening. 

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 October 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!