Apartments Are Finally Returning To NYC's Rental Market, Study Finds

NEW YORK CITY — A recent trickle of new rentals appears poised to soon break New York City's rental drought, according to a new study.

The city's depleted rental inventory in December rose for the second straight month, StreetEasy found.

Such growth is a sign that renters' red-hot demand is no longer burning through apartments and driving up prices, but there's a catch, the study warns.

"However, current inventory levels are still too low to deliver meaningful relief to NYC renters," the study states.

"Typical asking rents declined slightly by 0.2% month-over-month to $3,331 in December, based on the StreetEasy Rent Index, but were still up 14% from a year ago."

Nationally, asking rents were up 7.4 percent over the year, according to the study.

But the study makes clear that relief very likely is on the horizon for New York City renters.

Rental inventory rose 2.6 percent and 1.5 percent in the past two months, which was the first time it did since May 2021, the study found.

There were 26,000 available rental units in December, with many of them — especially in Manhattan — offering discounts or concession, according to the study.

"In December 2022, 15% of rental listings citywide offered at least one month of free rent, returning to the same level as December 2021," the study states.

Rising inventory, along with such price cuts and concessions, are signs of a long-awaited reprieve for renters, according to the study.

"While still close to an all-time high, asking rents will continue to decline this year as the rental market continues to rebalance," the study states. "At a minimum, renters can expect a less competitive rental market this spring and summer compared to 2022."

Read the full StreetEasy study here.