It’s been a tumultuous 18 months in the New York City rentals market. Recently, as renter demand came roaring back, record low rents jumped back up to just shy of their pre-pandemic highs. Since last October, as rents rose, NYC rental inventory was on a downward trajectory. It now sits at 30,326 rentals available on StreetEasy — that’s a 59% decrease from October 2020, when there were 74,078 rentals available.
Manhattan Rentals Under $3,000 on StreetEasyArticle continues below
Lenox Hill
421 East 65th Street
$2,500No Fee
1 |
1
Hudson Heights
205 Pinehurst Avenue
$2,800No Fee
1 |
1
East Harlem
209 East 116th Street
$2,895No Fee
3 |
1
East Harlem
322 East 104th Street
$2,800No Fee
2 |
1
Lower East Side
47 Delancey Street
$2,495No Fee
1 |
1
Hell’s Kitchen
811 Ninth Avenue
$2,995No Fee
1 |
1
East Harlem
229 East 110th Street
$2,295No Fee
2 |
1
Central Harlem
114 West 133rd Street
$2,995No Fee
1 |
1
Lenox Hill
305 East 78th Street
$2,850No Fee
1 |
1
Hudson Yards
454 West 36th Street
$2,580No Fee
1 |
1
Fort George
563 West 184th Street
$2,300No Fee
2 |
1
Yorkville
233 East 89th Street
$2,750No Fee
1 |
1
NYC Rental Inventory Plummets, Especially in Manhattan
NYC rental inventory is particularly down in Manhattan. In October, there were 13,048 Manhattan rentals available on StreetEasy. That is the lowest since December 2012 (excluding an anomaly in April 2020, directly after the pandemic put New York real estate temporarily on pause). And the drop in inventory was significant, falling 68.3% from where it was just one year ago.
Brooklyn Rentals Under $3,000 on StreetEasyArticle continues below
Flatbush
2155 Caton Avenue
$2,791No Fee
2 |
2
Prospect Park South
907 Church Avenue
$2,995No Fee
2 |
1
Prospect Lefferts Gardens
240 Winthrop Street
$2,850No Fee
1 |
1
Stuyvesant Heights
951 Putman Avenue
$3,000No Fee
2 |
1
Bay Ridge
368 79th Street
$1,810No Fee
1 |
1
Bushwick
659 Bushwick Avenue
$2,800No Fee
2 |
1
Brownsville
139 Chester Street
$3,000No Fee
2 |
1
Prospect Park South
10 Westminster Road
$2,700No Fee
2 |
1
Brownsville
142 Bristol Street
$1,900No Fee
2 |
1
Kensington
202 Lawrence Avenue
$1,800No Fee
1 |
1
Stuyvesant Heights
62 Patchen Avenue
$2,575No Fee
3 |
1
Midwood
1155 East 35th Street
$2,200No Fee
1 |
1
Brooklyn and Queens Rental Inventory Also Drops
Compared to Manhattan, Brooklyn and Queens rental inventory is less volatile. It hasn’t dropped as dramatically in comparison to the pandemic highs, when a record number of apartments were available. But the changes are still significant.
In Brooklyn, rental inventory was down 53.7% from last October (compared to 68.3% in Manhattan) to 11,150 rentals. In Queens, inventory was down 34.5% from last October to 5,186.
Queens Rentals Under $3,000 on StreetEasyArticle continues below
Maspeth
60-29 54th Street
$2,900No Fee
3 |
1
Sunnyside
48-53 45th Street
$2,485No Fee
1 |
1
Kew Gardens
119-21 Metropolitan Avenue
$2,150No Fee
1 |
1
Astoria
32-65 44th Street
$2,250No Fee
1 |
1
Ditmars-Steinway
20-05 38th Street
$2,100No Fee
1 |
1
Ditmars-Steinway
22-17 19th Street
$2,100No Fee
1 |
1
Woodhaven
86-02 Forest Parkway
$2,100No Fee
1 |
1
Ditmars-Steinway
21-42 28th Street
$1,915No Fee
1 |
1
Elmhurst
92-40 51st Avenue
$2,300No Fee
2 |
1
Astoria
49-02 30th Avenue
$2,500No Fee
1 |
1
Astoria
30-17 31st Street
$2,300No Fee
1 |
1
Astoria
31-14 35th Street
$2,500No Fee
1 |
1
Studio Apartments Are Lagging Behind the Recovery
Our latest data shows that rents are recovering quickly across the city — and they’re rising the most in Manhattan. The median asking rent in Manhattan in October was $3,330, just $200 shy of the pre-pandemic high of $3,500.
With that said, not all apartment types are experiencing the same increases. Studio apartments have had the slowest recovery in rents month-over-month since the beginning of the year, across all boroughs analyzed. But the difference is the most stark in Manhattan.
The median asking rent for a Manhattan studio in October was $2,400 — a 14.6% increase from last year, when it was $2,095. This is a significant rise, but it’s much smaller than, say, 2-bedroom apartments, which saw a 25.4% annual increase from $3,350 to $4,200.
According to StreetEasy economist Nancy Wu, shifting priorities as a result of the pandemic have likely played a role in studios lagging behind. “Renters want more space after more than a year cooped up in their small apartments,” Wu says. “For many, remote work has brought about some cabin fever. And for those who are able to afford it, adding an extra bedroom or more space in general is a priority.”
Why Manhattan’s Rental Trends Are Different
Wu says this is likely because of different trends seen across the city during the pandemic.
“Transient Manhattan renters were most likely to leave the city, either temporarily or permanently, during the height of the pandemic,” she explains. “That drove the highest share of rental vacancies in Manhattan among the boroughs. It’s why we’re now seeing Manhattan’s inventory experience bigger swings and more dramatic changes as it recovers — because it saw the biggest shift away from what a normal market would look like.”
The big drops in NYC rental inventory make for a competitive rentals market right now. Wu expects it to continue for the next several months, even during the typically slow winter season. If you’re in the market to rent, check out our top tips on how to maximize your search and the recap of our recent Insider’s Guide to Renting webinar.
Read on for more on the latest in Manhattan, Brooklyn, and Queens.
Downtown Manhattan Rents Hit Record High
The median asking rent in Manhattan in October was $3,330, up 17.9% from last year, when rents were at $2,800. In Downtown Manhattan, rents hit a record high $4,300 in October.
The share of apartments with a discount on rent was 16.0% in Manhattan — down from 28.7% last year.
The median asking price of for-sale homes in Manhattan was $1,487,500 — up 10.2% from last October.
Brooklyn Rents Still Just Shy of Pre-Pandemic Highs
The median asking rent in Brooklyn was $2,600 in October — 6.1% higher than one year ago, but still a bit lower than the pre-pandemic highs around $2,700.
The share of apartments with a discount on rent was 11% in Brooklyn — down from 23.8% last year.
The median asking price of for-sale homes in Brooklyn was $948,000 — remaining stagnant from last year.
In Queens, For-Sale Home Prices Drop While Rents Rise
The median asking rent in Queens was $2,250 in October — 7.1% higher than one year ago.
The share of apartments with a discount on rent was 10.5% in Queens — the lowest share of all boroughs analyzed. That’s down from 20.7% last October.
The median asking price of for-sale homes in Queens was $599,000 — down 6.6% from last year.
View all StreetEasy Market Reports for Manhattan, Brooklyn, and Queens, with additional neighborhood data and graphics. Definitions of StreetEasy’s metrics and monthly data from each report can be explored and downloaded via the StreetEasy Data Dashboard.
Editor’s Note: In March 2020, New York City’s housing market temporarily froze as the COVID-19 pandemic began in the U.S. in earnest. Stay-at-home orders were widespread. Year-over-year data comparisons over the next few months will be made against both the COVID freeze of the spring, and subsequent housing recovery that began last fall. Assuming 2021 is more typical of a “normal” year in housing than 2020 was, with little to no activity in the spring and summer, we expect many of our year-over-year measures will show large gains over last spring and summer. We urge you to use caution in extrapolating too much from year-over-year measures in coming months, and we will always try to provide appropriate context to anchor reported changes in metrics to what is normal or expected.