New York City rental growth in 2024 is pacing similar to last year. Three months into the year, rents in New York City (all five boroughs) have risen 1.3%. Being prepared and decisive are two key factors in making your home search successful. The market, however, remains incredibly tight. The median rent as of March 2024 for a 1 bedroom apartment in NYC is $4,100.

Manhattan

The Manhattan rental market experienced a rebound as we entered 2024. Rents rose steadily climbing 5.8% from a median of $4,300 In January to $4,550 in March. The increased appetite for high-end product pushed rents slightly higher. 2-br units have seen a slight decline, most likely due to increased availability as well as the higher price point compared to 1-br units. Apartment seekers in the borough are also facing fewer choices, as the vacancy rate has reached the lowest level since May of 2022. The median rent in Manhattan as of March 2024 for a 1 bedroom apartment is $4,550.

Brooklyn

Brooklyn rental prices have been on the rise, increasing by 7.2% in the first quarter of 2024. 2 and 3-br units have seen a slight decline, most likely due to increased availability as well as the higher price point compared to 1-br units.It is crucial to begin home searching earlier than later these days since some buildings are listing vacancies 60+ days out. The more popular/trendy/well-connected neighborhood, the higher the price. The median rent in Brooklyn for a 1 bedroom is $3,988 - a record high.

Apartment Options

21 West End Avenue

• Studio
• Rent: $4,350

4540 Center Blvd

• 1 br/1 ba
• Rent: $4,795

507 West Chelsea

• 2 br/2 ba
• Rent: $8,850

The Pavilion

• 3 br/2 ba
• Rent: $10,200