Record-high rents have done nothing to curb tight vacancy rates market-wide, keeping NYC’s rental market extremely competitive.
Quite simply, there is intense demand for housing in New York City—people want to be here.
Competition for apartments in doorman buildings and in prime locations can be intense, with units leasing sight-unseen or over-asking.
Larger residences and apartments in doorman buildings remain the top performers.
The luxury rental segment continues to outperform. ‘Amenities’ and ‘space’ remain the buzzwords for many of today’s renters.
The NYC rental market had an unbelievable run in 2021. Just when many thought it was down for the count, it came roaring back to life.
In Manhattan, limited inventory and rising rents tempered activity. Brooklyn inventory continued to drop as year-over-year prices increased.
Rents increased year-over-year in both boroughs, but some segments have bounced-back faster than others.
Rents in Manhattan and Brooklyn inched up 5% and 6%, respectively, since August, signaling a shrinking inventory — down more than 60% from 2020.