“If you truly care for them, don’t let them go.”
This saying really resonates, especially for renters in New York City.
Here, people tend to cling to their leases much more fiercely than in other parts of the U.S., leading to the longest average rental tenure in the country.
Interestingly, while the typical renter across the country stays in their place for about 28 months—just over two years—renters in Brooklyn average over four years.
Now, you might think finding a rental in the Big Apple is a huge challenge, but recent data suggests otherwise. According to research from a rental platform, several boroughs rank among the most competitive rental markets in the nation.
In fact, Brooklyn renters are the most committed, sticking around for an average of 49 months—the highest in the U.S. Comparatively, renters nationwide typically stay just 28 months.
But it’s more than just the allure of charming brownstone basements keeping them around. In the second quarter of this year, Brooklyn experienced nearly 96% occupancy. Notably, two-thirds of renters renewed their leases during this timeframe, and there were roughly 13 prospective tenants for each available unit.
This period, from April to June, is often regarded as the peak rental season.
During this peak time, the rental supply has been quite limited, eclipsed by intensive competition.
Across the river in Manhattan, renters average 34 months in their homes—nearly three years. This borough came in as the fourth-most competitive rental market, boasting an occupancy rate of over 96% but only a 0.19% increase in housing supply during peak season.
This year’s rental market has been marked by record high rents and intense bidding wars. In fact, Manhattan reached a record median rent this summer, with June witnessing the largest annual rent hike since 2008, when these statistics began being tracked.
Landlords have faced bidding wars since February, which persisted into the summer due to rising costs and limited advertising opportunities.
However, Queens might offer a slight breather. While still considered the 32nd most competitive rental market, finding an apartment there is relatively easier compared to its neighbors.
According to the data, Queens had an average renewal rate of 61.4% during peak season, maintaining around 95% occupancy. Listings in the area lasted about 44 days—10 days longer than those in Manhattan.
Yet, availability in Queens showed little change in the second quarter, and other locations weren’t necessarily seeing any improvements. For example, Brooklyn and Manhattan had small increases, but hopeful renters in these areas faced limited options.
No wonder New Yorkers seem inclined to stay put.
