NYC Residential Rental Market Report: June 2022
Rising prices impacted affordability for many potential New York City renters in June.
During the month, Manhattan leasing activity was well below last year, as June 2021 was a record month for signed leases. Meanwhile, the borough’s median rent again soared to a new record, which has occurred every month for the past six months.
In Brooklyn, lease activity fell relative to the record level reached last June as well. In June of 2021, the median rent in the borough was still declining by double-digits year-over-year as the market was recovering. For the last four months, Brooklyn renters also have faced record-high prices, which has restrained overall lease activity.
MANHATTAN
Rents
- June 2022’s median Manhattan rent of $4,250 rose 1% since May and a substantial 40% year-over-year. The median rent has continued to reach a record-high every month for the past six months.
- For units in doorman buildings, median rents increased 32% annually, to reach $4,935 per month. For non-doorman units, the median rent hit $3,450, a 38% yearly rise.
- Significant year-over-year average rent gains were seen across the board regardless of apartment size. Rising 35%, pricing for three-bedroom units increased the most—to reach $9,024. Rents for one-bedrooms and studios climbed significantly as well, with one-bedrooms increasing 33% to $4,415 and studios increasing 32% to $3,228. Meanwhile rents for two-bedroom apartments climbed 26%, hitting $6,083.
Listings/Vacancy
- In June 2022, there were 5,195 active listings across Manhattan, down 5% since May. Historically there tends to be a slight decrease in the number of active listings from May to June, making the dip from last month typical. However, the number of active listings were down a noteworthy 67% year-over-year.
- The Manhattan vacancy rate increased to 2.03% in June from 1.79% in May. However, visible vacancy fell year-over-year in all neighborhoods.
- The East Village/Lower East Side had the highest vacancy rate in June at 3.45%, while vacancy was lowest in Gramercy at 1.25%.
Leasing Activity
- With 4,875 new leases signed, June 2022 leasing activity increased 4% since May. Due to ongoing pricing and inventory issues, 46% fewer leases were signed when compared to June 2021.
BROOKLYN
Rents
- Brooklyn’s median rent rose to $3,500 in June 2022, up 3% from May and a substantial 35% year-over-year. Median rent has increased for 9 consecutive months and June experienced the highest year-over-year median rent growth during this time.
- At $4,088, Brooklyn’s average rent also climbed 4% month-over-month and rose 35% annually.
- Boerum Hill/Cobble Hill had the highest year-to-year average rent growth with a 63% rise and the highest overall average rent climbing to $5,454. Prospect Park South experienced the lowest average rent growth of 14%, reaching a monthly price of $2,789. While Prospect Park South had the lowest annual change in average rent, South Brooklyn had the lowest average monthly rental price at $2,457.
Listings
- There were 3,332 active listings available in Brooklyn during June 2022, a 24% rise from May but a 38% decline when compared to last June.
- The average Brooklyn rental spent 58 days on the market, up 14% since May and down 15% annually.
Leasing Activity
- Historically, June has been more active than May for reported leases. While the borough did experience the typical month-over-month increase, the recent record-high rents have constrained overall leasing activity.
- There were 1,226 leases signed in Brooklyn during June 2022, 4% more than in May but a substantial 52% fewer than were executed in June 2021.
