NEW YORK (PIX11) - Rent across New York City reached sky-high prices in 2023 and for renters looking to save next year, a StreetEasy study predicts rent to unexpectedly decrease in one borough.
The study forecasts rent prices across the city next year to stay the same as in 2023. However, rent may decrease in Manhattan in 2024.
"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 revealed. "That said, New York City renters will find relief in the most unexpected place: Manhattan."
The median rent in Manhattan peaked at $4,395 in the spring of 2023, causing a wave of renters to look toward Brooklyn and Queens for more affordable housing, the study revealed. Competition between landlords to fill vacant units will likely lead to more concessions and lower rent prices in Manhattan.
There's already a "resurgence" for rentals in Manhattan, the study explained. Listings on StreetEasy have been saved nearly eight million times this year.
As more rental listings hit the market next year, renters will have options to choose from across New York City.
"Nevertheless, renter demand will continue to outpace supply, making it unlikely for rents to fall," according to the study.
Charline Charles is a digital journalist from Brooklyn who has covered local news along with culture and arts in the New York City area since 2019. She joined PIX11 News in 2022. See more of her work here.
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