New York City Residential Rental Market Report: February 2022

“Rents in both Manhattan and Brooklyn continue to climb, and in many cases have surpassed pre-pandemic levels. In terms of what’s renting, larger residences and apartments in doorman buildings continue to outperform the market as a whole. High rents and low inventory have caused a noteworthy decline in leasing activity versus last year, when there were many more available units. With the city relaxing Covid restrictions, and more office workers and students returning to in-person work and school, I expect demand to rise even further in the near-term. I suggest tenants enter the market prepared, patient, and willing to compromise. Remember, there are opportunities around every corner in New York, and smart renters are open to exploring new neighborhoods and property types.”

Gary Malin, Chief Operating Officer, The Corcoran Group

MANHATTAN

Rents

  • February 2022’s median Manhattan rent of $3,750 rose 4% from January and a remarkable 29% year-over-year. Prices in doorman buildings continue to rise at a greater rate than those in non-doorman buildings, climbing 37% annually to reach a median of $4,523. For non-doorman units, the median rent increased 20% vs. last year, reaching $2,995.
  • Average rents also climbed by double-digits for all apartment sizes and property types both month-over-month and year-over-year. Average rents in doorman buildings rose 42% annually to reach $5,759 per month, while non-doorman jumped 32% to $4,056. In terms of unit type, average pricing for two-bedroom units saw the highest annual increase, soaring 45% to $6,517.

Listings/Vacancy

  • In February 2022, there were 4,400 active listings across Manhattan—down 9% from January and a substantial 78% from a year ago. The rental market’s extremely tight supply is contributing to record high prices.
  • In February, the Manhattan vacancy rate rose slightly to 1.70% (vs. 1.58% in January)—though it’s down 2.66% over last year. The East Village/Lower East Side had the highest vacancy rate (at 2.06%), while vacancy was lowest right across town in Greenwich Village/West Village (at 1.08%).

Leasing Activity

  • With 2,692 new leases signed, February 2022 leasing activity fell 7% from January. In addition, 47% fewer leases were signed when compared to February 2021. Low inventory and rising prices continue to limit leasing activity, and all neighborhoods saw transactions decrease year-over-year.
  • In February, 58% of leases signed were in properties with a doorman—among the highest percentages seen in over three years.

BROOKLYN

Rents

  • At $3,100, Brooklyn’s median rent reached a 22-month high in February and was just 5% below the April 2020 peak. The median rent also rose 3% when compared to January and 21% year-over-year.
  • At $3,595, the Brooklyn average rent increased 6% when compared to January and 15% annually. Average rents were skewed by near-record high pricing for larger residences.

Listings

  • There were 2,684 active listings available in Brooklyn during February 2022, an increase of 6% from January. However, available inventory fell 64% compared to February 2021.
  • In February, the average Brooklyn rental spent 98 days on the market—up 7% since January and 20% year-over-year. High rents drove days on market to its highest point in over three years.

Leasing Activity

  • There were 883 leases signed in Brooklyn during February 2022—11% fewer than in January, and 36% fewer than were executed in February 2021. While activity declined month-over-month and year-over-year, the figure was nearly level with February 2020 (pre-pandemic) when 872 leases were signed.
  • All unit types experienced double-digit year-over-year declines in the number of leases signed. Lease activity for studio apartments declined the most, with a 47% drop from last year.

Read the full reports:

Manhattan  |  Brooklyn

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