Rents in New York City are still at a record high, but will it be like this forever?

Let the battle for lower rent rage on in 2023. Rents in New York City are still at record highs or close since the Summer of 2022. The Manhattan, Brooklyn, and Queens rental markets in December 2022 saw a slight decrease in the median rent. However, they were more significant than before the pandemic.

Typically in winter months, we see a decline in the need for rentals. In Manhattan, the median rent did slide to $3,976 for the fourth time in five months. Yaaa!!!

But we can’t get too excited because it is still 17.2% higher than last year. Miller Samuel, the author of the Elliman Report, mentions NYC rents are staying flat but remaining stuck at an increased level than before COVID-19.

Apartments to rent in Brooklyn are similar, where the median rent barely changed month to month but was 18.3% higher than the previous year, at $3,250. Queens finds its median rent at $2,764, falling below the $3,000 threshold for the first time since May 2022.

Luxury apartments in NYC are included in this trend. Being in the top 10% of the market, the effective net median increased 3% month over month or 14.8% year over year. According to Corcoran’s Manhattan rental report for December, tenants were quicker to sign leases in non-doorman buildings, with a difference of 85 days versus 105 on the market.

The vacancy rate is trending higher, now at 2.69%. Corcoran’s Brooklyn rental report indicated active listings fell to the lowest level within the borough since July 2022. However, the concession paid by a landlord was at the highest, 1.4 months. Queens saw a 16.3% rise.

If you are considering renewing your lease, it’s time to do so. Rents in New York City for renewals are down for a third straight month. Last December, the growth was 3.2% on market-rate apartments.

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