In any borough, the rent market is starting to cool off a bit
New York rents remain high, and even some traditionally affordable neighborhoods are starting to creep up: Brooklyn has traditionally been viewed as relatively affordable compared to Manhattan, but some popular Brooklyn neighborhoods' median rents have risen to rival Manhattan. Additionally, bidding wars accounted for more than one in four Brooklyn lease signings.
However, there is a hint of relief in sight: According to a new report, the Manhattan median rent slid year-over-year for the fourth time in five months. Appraiser Jonathan Miller attributes this to lower mortgage rates that are enticing would-be buyers to take the plunge. As they leave the rental market, landlords likely feel pressure to hold rents down to keep their units occupied.
However, there is a hint of relief in sight: According to a new report, the Manhattan median rent slid year-over-year for the fourth time in five months. Appraiser Jonathan Miller attributes this to lower mortgage rates that are enticing would-be buyers to take the plunge. As they leave the rental market, landlords likely feel pressure to hold rents down to keep their units occupied.
Throughout the boroughs, increased supply could make rents more manageable in the future. An extension of the 421a tax break for affordable housing was included in this year’s state budget. Developers previously had until June 2026 to complete projects that were approved before the program expired in summer 2022; the deadline has now been moved to June 2031. This could lead to as many as 71,000 new housing units with 21,000 affordable units among them.
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All this comes at a time of year when the rental market traditionally cools off a touch. This article explains why that happens, examines how renters can make the most of it, and introduces new rentals throughout Manhattan, Brooklyn, and Queens.
Why the Market Cools Off Between Thanksgiving and February
With the exception of late 2021 to early 2022, when prices continued to rise as more people returned to New York City after the pandemic slump, in most years, the market cools off considerably between Thanksgiving and mid- to late February.There are multiple factors that drive this seasonable market shift. First, many people don’t want to move during the holidays or during the winter months when the logistics of moving can be trickier. Second, unlike May to September, when many people arrive in the city to start new jobs, internships, or return to college, fewer new residents arrive in New York City between November to February. Combined, these factors generally result in higher inventory and less competition for apartments, which drives prices down. Still, that isn’t the only reason the holiday season is often the most advantageous time to move in New York City.
The Seasonal Slump’s Impact on Broker Fees and Moving Costs
When the market is highly competitive, renters typically pay the broker fee, and the more competitive the market, the higher the fee. For example, in 2022’s extremely low-inventory rental market, some renters reported paying up to 20% of their first year’s rent in broker fees. When the market tips in favor of renters, however, broker fees drop. Some years, the market is so slow during the November to February slump that landlords, not renters, are forced to pay the brokerage fees instead.As an aside, the onus is typically on the renter to pay the broker fee whether they have hired the broker or worked with someone enlisted by the building's owner. But under the proposed FARE (Fairness in Apartment Rental Expenses) Act, only the party who hired the broker would be responsible for paying the fee. The real estate industry is against it, but nearly two-thirds of the City Council supports it. Earlier this fall, it was put on the New York City Council’s Democratic Conference agenda, which gives supporters hope that it could pass.
Regardless of what happens with the FARE Act, there are a few other notable advantages of leveraging the winter slowdown. Beyond the fact that you’re likely to face less competition when searching for an apartment and may even encounter move-in incentives (e.g., a free month’s rent or access to an otherwise fee-based service or facility), if you need to hire someone to move your belongings, finding a mover is generally much easier and even less expensive between November and February than any other time of the year.
Negotiating a Lease
If you’re planning to move during the winter slowdown, there is one thing that all renters should bear in mind. While the winter slowdown has traditionally been a favorable time for renters to move, it isn’t considered a favorable time for landlords to have leases expire. After all, from a landlord's perspective, it is nearly always preferable to have leases expire between May and September when there is higher competition for apartments and, as a result, the ability to list properties at a higher price. For this reason, if you move during the slowdown, you may be asked to sign a 16- to 18-month lease rather than a 12- or 24-month lease.As a rule, it is always worth asking if you can negotiate a traditional 12- or 24-month lease. However, it may not be easy to do so, especially if you’re already getting an exceptionally great deal.
New Rentals
The Park Overture, Washington Heights
19 availabilities from $2,745
1 month free rent on a 12-month lease
19 availabilities from $2,745
1 month free rent on a 12-month lease
The Park Overture (Baron Property Group)
Located across from Fort Tryon Park in Upper Manhattan, The Park Overture is underpinned by electric infrastructure and solar power systems. All one- to two-bedroom apartments feature abundant natural light, recessed lighting, kitchens with two-toned custom cabinetry and stainless steel appliances, and in-unit laundry. Amenities include a furnished lobby, fitness center, bike storage, pet spa, and courtyard with grills.
The Lightwell, DUMBO
32 availabilities from $3,600
Up to 1 month free rent on a 13-month lease
32 availabilities from $3,600
Up to 1 month free rent on a 13-month lease
The Lightwell (Compass)
Between its floor-to-ceiling windows and rooftop garden, The Lightwell would appear to have been named for its most prominent feature. Apartments feature open-concept floor plans, high ceilings, high-end appliances and finishes, and in-unit laundry. An array of wellness and social amenities includes a multi-level gym, wet and dry sauna areas, coworking spaces, a reservable party room, a children’s playroom, and a pet spa. Another perk is a DUMBO address near Brooklyn Bridge Park, Wegmans, and the York Street F train. A housing lottery is now in effect.
Hanover House, Downtown Brooklyn
10 availabilities from $4,250
1 month free rent on a 12-month lease
10 availabilities from $4,250
1 month free rent on a 12-month lease
Hanover House (Nancy Packes Inc.)
Between its arched windows at street level and soaring paneled tower rising from the terra cotta podium, it is little surprise that Hanover House earned a spot on this year’s Open House New York Weekend. All interiors feature abundant natural light from the massive windows, not to mention ceilings up to 9 feet high, 7” wide white oak plank flooring, kitchens with Caesarstone countertops and stainless steel appliances, porcelain-tile baths, central air conditioning, and in-unit laundry. Over 30,000 square feet of residential amenities include a fitness center, coworking lounges with terrace access, a private dining room with catering kitchen, a landscaped dog park, a barbecue dining terrace, and a penthouse lounge and dining room with terrace.
The Welz (Housing Connect)
At the nexus of Williamsburg and Bushwick, a housing lottery is underway for The Welz, and a market-rate leasing launch cannot be far behind. All units feature oversized windows, high-end kitchen appliances, central air conditioning, and in-unit laundry. The building welcomes pets, and amenities are set to include bike storage, covered on-site parking, a fitness center, and a roof terrace.
435 Coney Island Avenue (Housing Connect)
A housing lottery is underway at 435 Coney Island Avenue, a new development rental located directly south of Prospect Park’s Parade Ground and Kensington Dog Run. All units feature oversized windows, high-end finishes and appliances, central air conditioning, in-unit laundry, and private balconies or terraces. Pets under 40 pounds are welcome, and the building offers a private dog park. Human-oriented amenities include a fitness center, media room, coworking lounge, media room, and roof terrace. It also offers bike storage and on-site parking, but is well situated near the Fort Hamilton F/G and the Church Avenue B/Q trains for no shortage of ways to get around.
210 Clarkson Avenue, Prospect Lefferts Gardens
4 availabilities from $3,000
Up to 2 months free rent
4 availabilities from $3,000
Up to 2 months free rent
210 Clarkson Avenue (EXR)
Prospect Lefferts Gardens shows no sign of fading in popularity among builders and renters, and 210 Clarkson Avenue is its latest entrant. Apartments in this newly constructed building feature open floor plans, stainless steel kitchen appliances, champagne bronze hardware in the kitchens and baths, and in-unit washer/dryers; select units offer home office space, walk-in closets, and/or private outdoor space. All residents have access to an upscale amenity package that includes a chic lobby, a fitness center with yoga area, a game room, a coworking lounge, a screening room, a lounge, a dog park, and a landscaped roof deck with grills, lounge seating, and Manhattan skyline views.
Malt Drive South Tower, Long Island City
18 availabilities from $3,720
2 months free rent on an 18-month lease
18 availabilities from $3,720
2 months free rent on an 18-month lease
Malt Drive (TF Cornerstone)
In Long Island City, the two-towered Malt Drive complex has risen on the former site of a sugar cane processing facility and beer distribution center. Leasing is underway in the South Tower, and the North Tower is expected to follow suit by the end of the year.
All interiors feature oversized windows, thoughtful layouts, high ceilings, and in-unit laundry. Both buildings offer attended lobbies, fitness centers, coworking spaces, lounges, children’s playrooms, bike storage, on-site parking, and roof terraces. Residents also have access to an outdoor pool in the South Tower and the pet care services of JoJo & Co. Pet Club, which is located off the lobby of the South Tower.
All interiors feature oversized windows, thoughtful layouts, high ceilings, and in-unit laundry. Both buildings offer attended lobbies, fitness centers, coworking spaces, lounges, children’s playrooms, bike storage, on-site parking, and roof terraces. Residents also have access to an outdoor pool in the South Tower and the pet care services of JoJo & Co. Pet Club, which is located off the lobby of the South Tower.
Amara, Astoria
8 availabilities from $3,050
Up to 1 month free rent on a 12-month lease
8 availabilities from $3,050
Up to 1 month free rent on a 12-month lease
Amara (Corcoran Group)
The low-rise Amara was initially conceived as a condominium, but leasing has instead launched on a collection of studio through two-bedroom rental units. All apartments feature oversized windows, light oak hardwood floors, open kitchens with quartz countertops and Bosch appliances, baths with Kohler fixtures, central heating and air conditioning, and in-unit laundry. Select residences have private balconies, and all residents have access to amenities like a fitness center with yoga/meditation room, game lounge, media lounge, private dining/conference room, and outdoor terrace. The building also offers a parking garage, bike storage, and close proximity to the Broadway N/W trains.
Woodside Central, Woodside
15 availabilities from $2,620
2 months free rent on a 14-month lease
15 availabilities from $2,620
2 months free rent on a 14-month lease
Woodside Central (MNS)
At Woodside Central, all units feature oversized windows, desert sand wood flooring, chef-inspired kitchens with Blomberg appliances, spa-like bathrooms, generous storage, and in-unit laundry. The building’s extensive amenity package includes an attended lobby, a smart package room, a gym with yoga studio, a business center, a media lounge, personal and bike storage, parking, and a roof deck with BBQ grills. Nearby transportation options include the 7/E/M/R trains, but there is a vibrant dining scene close to home.
Woodside Central Leasing
(646) 515-XXXX
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Contributing Writer
Cait Etherington
Cait Etherington has over twenty years of experience working as a journalist and communications consultant. Her articles and reviews have been published in newspapers and magazines across the United States and internationally. An experienced financial writer, Cait is committed to exposing the human side of stories about contemporary business, banking and workplace relations. She also enjoys writing about trends, lifestyles and real estate in New York City where she lives with her family in a cozy apartment on the twentieth floor of a Manhattan high rise.
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