NYC Residential Rental Market Report: April 2024
“In April, the median rent in Manhattan continued to break records — reaching a new all-time high of $4,595 per month. Due to these high costs, many of those who have the opportunity to re-sign a lease and stay put are doing so. This, in part, has kept the vacancy rate at the lowest level since May 2022. It’s also important to note that the number of leases signed reached the lowest level — for a month of April — since the market pause in 2020. We expect activity to pick up as summer begins, but it will be interesting to see how volume compares to past seasons.
In contrast, activity was strong across the East River. Despite rents near or at all-time highs in the borough as well, this was the strongest April for the Brooklyn rental market in three years. The number of reported signed leases increased 17% compared to March and 1% versus last April. Most renters remain price-sensitive and for some, Brooklyn offers a chance for more space, at a lower rent. It comes down to a tenant’s specific lifestyle needs. A great thing about New York is that it offers a wealth of diverse neighborhoods and property types. You can find it all here.”
– Gary Malin, Chief Operating Officer, The Corcoran Group
MANHATTAN
Rents
- The median Manhattan rent was $4,595 per month in April 2024 vs. $4,550 per month in March. Rental prices increased 1% month-over-month and 4% year-over-year. April set a new record for median rent. Median and average rent for non-doorman buildings also reached a new record.
- Average rent increased year-over-year for all unit types. Rents for three-bedroom apartments increased the most — by 10% — to reach $10,029.
Listings/Vacancy
- In April 2024, there were 6,980 active listings across Manhattan, down a marginal 0.5% from March but up 12% year-over-year. For the first time in three years, there was a month-over-month inventory decline for six consecutive months.
- The average Manhattan apartment took 44 days to find a tenant in April, compared to 47 in March — a 6% decline month-over-month and a 57% decline when compared to April 2023. Days on market is now at the lowest figure in over four years.
- The Manhattan vacancy rate was 2.02% in April, up slightly from March when the rate was 2.00%. However, vacancy is lower than it was at the same time last year, as April 2023’s rate was 2.18%. Despite the slight month-over-month uptick, visible vacancy remains at its lowest level since May 2022.
Leasing Activity
- With 4,315 new leases signed in Manhattan, April 2024 leasing activity rose 9% when compared to March but declined 5% year-over-year. Despite the month-over-month increase in leasing, this was the slowest April since 2020. On an annual basis, doorman leases declined a slight 1% while leases for non-doorman apartments fell 12%.
BROOKLYN
Rents
- The median rent in Brooklyn was $3,950 in April 2024, down 1% since March and 10% year-over-year. Median rent fell slightly compared to last month’s peak of $3,988, due to a drop in lease activity at the top end of the market.
- Average rent increased year-over-year for all bedroom types. Two bedrooms increased the most, up 14%, and reached $5,195, a new rent record. Three bedrooms saw a smaller number of leases above $10,000 compared to last year, slowing rent growth.
Listings
- There were 3,483 active listings available in Brooklyn during April 2024, 5% fewer when compared to March but 4% more when compared to last April. Active listings declined month-over-month for the fifth time in the past six months, which is a typical trend leading into the summer leasing season.
- The average Brooklyn rental spent 41 days on the market in April. This is flat when compared to both February and March but 47% fewer days when looking year-over-year.
Leasing Activity
- At 1,253, the number of leases signed in Brooklyn during April 2024 rose 17% from March and 1% annually. Although a monthly increase is typical due to seasonality, the 17% gain was higher than any other March-to-April increase in the past five years.
- Reported signed leases increased year-over-year for all bedroom types except for three bedroom units, where they fell a substantial 20%. The rising cost of three bedroom units may be reaching its upper limit, affecting the number of signed leases.
