New York, NY, USA – November 8, 2022 – RENTBETTA.com, a website offering no fee apartments for rent directly from NYC building owners, without brokers or broker fees, announces average rent decreased -2.4% month-over-month in October. The median rent decreased 3.8% to $4,603.
Median NYC rents have fallen 6.9% from their August peak, a welcome relief for renters.
The RENT BETTA team expects rents to continue to decline through the Fall and into the Winter as seasonal demand fades, the regional job market weakens due to rising interest rates, and an overhang of cases following the eviction moratorium are worked through, increasing available supply.
This is good news for NYC renters, who are finally getting some relief after record post-COVID rents.
The data is based on over 1,000 no fee apartments on RENTBETTA.com, a site which connects renters directly with no fee property management companies across New York City. By putting all no fee apartments on one website, renters no longer have to go through dozens of different property management company websites, or waste time sifting through fake broker listings on sites like Streeteasy or Craigslist.
A blog post with more data is available at RENTBETTA.com/blog/nyc-average-rent-october-2022.
About RENT BETTA
RENTBETTA.com offers no fee apartments from property management companies across NYC, making it easy for renters to avoid broker fees and fake broker listings. Users can book a tour and apply for any apartment on the site and will be connected directly with a leasing office, not a broker.
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