Here’s a quick snapshot of the NYC rental market for January 2025, 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 down on an annual basis. But they were up by 20% compared to the prior month. Available listings declined sharply compared to January 2024 – down 32%, which was the lowest level of inventory seen since July 2022. 

These two factors meant that last month’s prediction came true – it was a tougher market for renters. And that was reflected in prices, which ticked up on both an annual and monthly basis. 

The situation was slightly different in Brooklyn. Like Manhattan, the borough saw signed leases increase on a month over month basis but decline compared to the prior year. And the average rent did increase just the smallest bit. But unlike Manhattan, Brooklyn saw a year over year increase in inventory. So while renters weren’t necessarily awash in options, they didn’t have to struggle quite as much as their East River counterparts.

What’s Next? 

We’ll likely see more of the same in February for both boroughs. And unfortunately that may include price increases in Manhattan if inventory remains tepid. 

Brooklyn will probably continue humming along at its current pace, which bodes well for renters. But they’ll do well to remember that even with less competition, they’re not in the driver’s seat. Good listings will still require fast moves. 

With the spring sales market right around the corner, and rents remaining high, more buyers should consider whether or not it might make sense to start their journey to home ownership. Not sure which one might be right for you? Take my Rent vs. Buy quiz to help you figure it out. 

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 paramount. 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 January 2025, 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!