New York apartment rents remain on an upward trajectory while inventory expands.
New York’s rental market rolled into spring on a positive note for landlords.
In Manhattan, the vacancy rate ticked up from January to February as apartments took longer to find tenants and leasing activity slowed.
Manhattan landlords are experiencing just enough winter traffic that they don’t feel compelled to reduce rents.
In Manhattan, December leasing activity closely matched 2019 levels while median rent remained unchanged for the past 90 days.
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.