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

Rental activity continued to decline in Manhattan, with signed leases down by 6% compared to November. However, lease signings were roughly on par with December 2023, signalling some market stability. 

Another sign of stabilization –  the median rent was flat compared to November and up modestly compared to the prior year. This solid activity combined with fewer lease turnovers led to a steep decline in inventory, with listings hitting one of the lowest levels seen in 2 years. 

Despite climbing rents in Brooklyn (which were up on both an annual and monthly basis), the borough saw one of its strongest Decembers in four years for lease signings. They were up 13% compared to December 2023. 

This strong performance was due to better inventory than last year during the same time period. And this in turn encouraged renters to seek out new rental opportunities.

What’s Next? 

Tight inventory in Manhattan may produce steeper than expected competition. And we might even see some price increases if demand is strong. But the lack of inventory may also make some renters want to stay put. Although this may result in fewer new listings, it could also mean less competition. 

Brooklyn may look similar to December during the month of January, especially if inventory continues to run higher than the prior year. But even with higher inventory, renters shouldn’t expect to have the upper hand. However, more options on the market may also mean more competition. 

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 December 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!