New York, NY, USA – November 8, 2022 – RENTBETTA.com, a site offering apartments for rent free of charge directly from New York building owners, without brokers or brokerage fees, reports an average rent drop of -2.4% month-over-month in October. The median rent fell 3.8% to $4,603.
Median rents in New York have fallen 6.9% from their peak in August, a welcome relief for renters.
The RENT BETTA team expects rents to continue to decline through the fall and winter as seasonal demand fades, the regional labor market weakens due to rising interest rates and more cases following the eviction moratorium are processed, increasing the available supply.
That’s good news for renters in New York City, who are finally getting some relief after record post-COVID rents.
The data is based on more than 1,000 toll-free apartments on RENTBETTA.com, a site that connects renters directly to toll-free property management companies across New York City. By putting all apartments free of charge on one website, renters no longer have to browse through dozens of different property management company websites, or waste time browsing 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 free apartments from property management companies in New York, making it easy for renters to avoid brokerage fees and fake broker listings. Users can book a viewing and apply for any apartment on the site and will be connected directly to a rental office, not a broker.
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