In Manhattan, December leasing activity closely matched 2019 levels while median rent remained unchanged for the past 90 days.
Tag: Brooklyn
At the close of 2022, Brooklyn was not immune to the challenges affecting almost every for-sale market.
Disappointed in the lack of further rent relief, many of Manhattan’s renters responded by staying put.
With Manhattan’s median rent falling and available inventory at a fourteen-month high, tenants have more negotiating power and choice.
In September, the New York City rental market began to moderate when compared to the summer’s intense conditions.
Historically speaking, August is the busiest month for NYC’s rental market, so it’s typical that rents and leasing activity climbed.
Whether July’s Manhattan findings are a temporary blip—or the start of a longer-term trend—is the million-dollar question.
Rising prices impacted affordability for many potential New York City renters in June.
Record-high rents have done nothing to curb tight vacancy rates market-wide, keeping NYC’s rental market extremely competitive.