While examining the rental market in New York City, we see minor changes in the market when comparing rental listings that came to market each month beginning in September 2022. Larger units, such as 2-3 bedrooms, have seen higher rent rates, while studios and 1-bedroom apartments have slightly decreased.
So, the rental market seems to be cooling, but it is far from shifting. This perhaps means that the market is stabilizing. However, the pressure that interest rates have on buyers is making a lot of first-time buyers have to stay in their units, adding to the lack of new inventory coming to market, keeping pressure on the tenant side.
Also, you can watch our latest analysis and let us know if you have questions or need any help 🖤✨
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