NYC Residential Rental Market Report: July 2024
“In Manhattan, rents again reached an all-time high in July 2024 — hitting a median of $4,670 per month. Typical as the summer progresses, inventory levels ticked up as well, as some landlords structure existing leases to expire during the season take advantage of increased demand. There was 21% increase in the number of apartments on the market this July versus last year, meaning home seekers had more options from which to choose. While July’s leasing activity increased when compared to June, it was still down 9% on an annual basis. This is an indicator that — so far — this summer has not been as frenzied as it has been in recent years.
In Brooklyn, the median rent was $4,000 per month during July 2024, down 2% from June but a 2% rise annually. There were 24% more units on the market for rent this July versus July 2023 — mirroring conditions across the East River. In fact, the number of available Brooklyn apartments surpassed 5,000 for the first time in three years. However, leasing activity in the borough was strong. Last month was the busiest July for signed lease activity in Brooklyn since 2021.
While current rents are a definite pain point for many tenants, significant activity is occurring in both boroughs. Renters may see some relief come fall as the seasonal demand wanes, but for the moment, the market seems to have reached an uneasy equilibrium.”
– Gary Malin, Chief Operating Officer, The Corcoran Group
MANHATTAN
Rents
- The median Manhattan rent was $4,670 per month in July 2024 — vs. $4,667 per month in June. While rental prices increased by just a few dollars (less than 1%) month-over-month, they rose 4% year-over-year. The median Manhattan rent has once again reached a new record high.
- Average rent increased year-over-year for all apartment sizes. In July, the average rent for three-bedroom apartments climbed 11% annually — to reach $10,205 — the most significant increase of all unit types.
Listings/Vacancy
- In July 2024, there were 8,454 active listings across Manhattan, up 4% from June and 21% year-over-year. Newly-released rental inventory has contributed to an increase in active listings. The number of available apartments in July 2024 was higher than the last three Julys.
- The average Manhattan apartment took 36 days to find a tenant in July, compared to 32 in June — a 13% increase month-over-month but a 57% drop when compared to July 2023. As is typical with the July rental market, days-on-market increased when compared with June as tenants had more options. Overall, tenants signed leases at a rapid pace, as this marks the fastest marketing time for July in six years.
- The Manhattan vacancy rate was 2.18% in July, up from June when the rate was 2.14%. However, vacancy is still lower than it was at the same time last year — as July 2023’s rate was 2.60%.
Leasing Activity
- With 5,356 new leases signed in Manhattan, July 2024 leasing activity climbed 12% when compared to June but declined 9% year-over-year. Market share of non-doorman leases fell to the lowest July level in 6 years.
BROOKLYN
Rents
- The median rent in Brooklyn was $4,000 in July 2024 — down 2% vs. the $4,100 per month in June. However, rents rose 2% year-over-year. Despite nearly three years of consecutive annual median rent increases, this 2% YOY climb was the smallest change since October 2021.
- Average rent rose year-over-year across all bedroom types, except for studios. Two-bedroom units had the largest gain, up 16% vs. last year — to reach $5,238, a new all-time high for the category.
Listings
- There were 5,078 active listings available in Brooklyn during July 2024, 8% more when compared to June and 24% year-over-year. In July, the number of available apartments surpassed 5,000 for the first time in three years.
- The average Brooklyn rental spent 32 days on the market in July. This is 7% more days versus June but 42% fewer when compared to last year. An influx of available listings has caused the month-over-month rise in marketing time.
Leasing Activity
- At 1,472 the number of leases signed in Brooklyn during July 2024 climbed 13% from June and 10% annually. Activity typically ramps up as the summer progresses, and this was the strongest July for signed lease activity since 2021.
- Leasing activity increased annually for all unit types except for three-bedrooms. Studios had the largest increase, up 36% compared to last year. Summer months are traditionally strong for the studio market, and ongoing high pricing has caused even more interest in smaller, more affordable options.
