NYC's Rents Won't Fall In 2024, Except This Surprising Place: Study

NEW YORK CITY — Don't expect New York City's too damn high rents to fall in 2024, except for one surprising borough, a new study warns.

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.

"Nevertheless, renter demand will continue to outpace supply, making it unlikely for rents to fall," the study states.

Read the full study here.