RENTBETTA.com, a website offering no fee apartments for rent directly from building owners in New York City, announces average rents were approximately flat in the month of November, increasing 0.1% sequentially.
Median rents have declined 7.4% from their August peak to $4,576, a welcome relief for renters.
The RENT BETTA team expects rents to continue to decline through the Winter as seasonal demand troughs, the regional job market weakens in response to increases in the Federal Funds rate, 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, 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 sift through fake broker listings on sites like Streeteasy or Craigslist, and can easily find and apply to real no fee apartments.
A blog post with more data is available at RENTBETTA.com/blog/nyc-average-rent-november-2022.
About RENT BETTA
RENTBETTA.com offers no fee apartments from property management companies across NYC, making it easy for renters to save thousands of dollars on broker fees. 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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Journalist? Email media@RENTBETTA.com for early access to original data on the NYC rental market.