NYC's Rents Won't Fall In 2024, Except This Surprising Place: Study
Here's a hint for where prices could fall: the borough with $4,000-plus rents. A StreetEasy study has predicted that rent prices across New York City will remain roughly the same in 2024, without significantly increasing or decreasing. The study also found that Manhattan, where median rents are above $4,000, will see a decrease in lease prices due to competition among landlords to fill vacant units, leading to renter-friendly concessions and lower asking prices. The report also noted that well-priced rental listings in Manhattan are likely to increase, meaning it will be difficult for landlords in Brooklyn and Queens to raise rents above market rates.
Published : 5 months ago by Matt Troutman in Business
Renters can expect prices across the city next year to stay roughly the same as 2023, neither rising or falling significantly, according to a StreetEasy study released last week. "As inventory rises further next year, citywide rent growth will slow, although a sharp drop is unlikely due to still-limited inventory compared to pre-pandemic levels," the study states. "That said, New York City renters will find relief in the most unexpected place: Manhattan."
Yes, Manhattan — the borough with median rents hovering at record levels above $4,000 — is due to see lease prices drop, the study predicts. The study — "2024 NYC Housing Market Predictions" — found that competition among landlords to fill vacant units likely will lead to renter-friendly concessions and lower asking prices.
And renters are already looking back toward Manhattan: listings on StreetEasy have been saved closed to eight million times this year. "As New Yorkers return to Manhattan, well-priced rental listings in the borough will likely see a jump in saves and inquiries in 2024," the study states.
Renters across the city, not just Manhattan, are likely to see more listings, according to the study. More listings mean it'll be hard for landlords in Brooklyn and Queens to raise rents significantly above the market rates in 2024, the study states.
Topics: NYC