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A good deal is hard to come by in New York City real estate, but there are some discounts to be had in certain neighborhoods right now, according to StreetEasy.
Four of them are in Manhattan: Nolita, Flatiron District, Chelsea, and the East Village. But Greenpoint, Brooklyn is the top neighborhood where renters are most likely to find a discount, StreetEasy’s latest market report says.
As of December 2022, one in three (32.6%) of rental listings cut asking rents here.
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For example, this studio at 2 Blue Slip is offering a lower price and a reduced security deposit as low as $1,000, and this Eagle Street one-bedroom is offering a free month, a reduced security deposit and an “Eagle + West Move In Special.”
And despite an increase in asking rents after the pandemic, deals are making a comeback across the city. Landlords are “readjusting” their expectations after last year’s competitive rental market, StreetEasy says.
In fact, in December 2022, 15% of rental listings in NYC offered at least one month of free rent. The number of deals to be had in NYC was on par with concessions offered in 2019—finally. Last summer, the number of deals offered plummeted to 6.9%.
Where in NYC won’t you find deals? In Queens. Landlords there aren’t budging much. In December, 13.9% of Queens rental listings advertised concessions on StreetEasy. (Concessions were most common in Manhattan, where 15.8% of listings offered at least one month of free rent.)
Looking forward, NYC is seeing more inventory and more deals being offered, which means a “reprieve for NYC renters,” StreetEasy says. This means we’ll likely see asking rents decline more this year and at the very least, we will see a less competitive rental market this spring and summer compared to 2022. What a relief!