NYC Residential Rental Market Report: September 2022
In September, the New York City rental market began to moderate when compared to the summer’s intense conditions. In Manhattan, the overall median rent continued to rise but the number of signed leases fell significantly year-over-year. The borough’s vacancy rate reached a thirteen month high, which gave tenants additional options. In Brooklyn, despite a month-over-month decline in median rent, signed leases recorded the lowest figure in thirty months. September marked the first annual increase in listings in thirteen months and days on market reached a seven-month high.
MANHATTAN
Rents
- September 2022’s median Manhattan rent of $4,450 increased 2% from August and 35% from last year. After plateauing from June to July, Manhattan rents have now risen slightly for two consecutive months.
- For units in doorman buildings, median rents increased 21% annually to reach $4,850 per month. For non-doorman product the median rent to $3,500 — a 35% rise.
- Average rent for all unit types rose across the board year-over-year. Pricing for studios increased the most, rising 29% to $3,317. Rents for one-bedroom apartments climbed 26% to an average of $4,488. Meanwhile, average rents for two- and three-bedroom homes rose 21% and 25%, hitting $6,754 and $9,932 respectively.
Listings/Vacancy
- In September 2022, there were 5,898 active listings across Manhattan, up 3% from August and 5% year-over-year. This marks the first time inventory has increased year-over-year since June 2021.
- The Manhattan vacancy again rose slightly to 2.23% in September (vs. 2.20% in August). Vacancy has increased month-over-month for seven of the past nine months and has reached a thirteen-month high.
- As was the case in August, Midtown East had the highest vacancy rate in September (at 3.06%), while vacancy was lowest in Gramercy (at 1.05%).
Leasing Activity
- With 3,012 new leases signed, September 2022 leasing activity fell a substantial 44% from August. In addition, 32% fewer leases were signed when compared to September 2021. Activity declined the most for non-doorman product, where the number of executed leases fell to the lowest level since April 2020.
BROOKLYN
Rents
- Brooklyn’s median rent rose to $3,680 in September 2022, down 1% from August but up 29% year-over-year. September marked the first monthly decrease for median rent since May 2021.
- At $4,136, the Brooklyn average rent fell 2% month-over-month but rose 25% annually. Three-bedroom units saw the largest annual rent growth, as pricing climbed 39% for this property type compared to last September.
Listings
- There were 3,327 active listings available in Brooklyn during September 2022, a marginal 1% decline from August but a 4% rise in comparison to last year.
Leasing Activity
- At 732, the number of leases signed in September 2022 fell by nearly half (49%) when compared to August. September marked the slowest month for lease activity since April 2020.
