Brick Underground

How bidding wars for rentals work, and ways to deal with the competition

Brick Underground — Fri, 10 Apr 2026 09:30:00 EDT

Bidding wars for rental apartments are a result of the red-hot competition in the New York City rental market. If you're searching for a rental and keep losing out in bidding wars, you may have questions, like whether this practice is legal or how much you need to bid to win.

It's a good idea to understand how these negotiations work and what you can do to put yourself in a better position to land an apartment.

“When the market is this fast-moving, you are bound to see bidding wars, especially for competitively-priced or unique apartments in popular locations,” says Gary Malin, chief operating officer at Corcoran.

Erin Wheelock, a broker with Keller Williams NYC, agreed, pointing out that the FARE Act took broker fees off the table since landlords are now required to pay the agents they hire. "So it's really all about the price now," she said. "We are personally seeing everything from $2,000 to $25,000 apartments go into bidding wars, so it's key to be prepared with paperwork and to get that offer in quickly."

[Editor's note: A previous version of this article was published in June 2023. We are presenting it again with updated information for April 2026.]

Below are answers to questions about bidding wars for rentals, so you can stay on top of the competition.

1. Are bidding wars for rentals legal?

The simple answer is yes. Market-rate apartments make up just over 40 percent of the city’s rentals and are privately owned and unregulated, meaning landlords can charge whatever the market will allow. These are the apartments where bidding wars break out.

Landlords of rent-regulated apartments can’t hike rents in the same way.

2. When would you offer more rent?

Attending an open house can indicate whether the apartment is popular. If so, be prepared for a bidding war. “As soon as the landlord gets more than one offer, they have the leverage,” Wheelock said.

The actual timing of a request for higher bids depends on how the landlord or management company operates. If a landlord receives multiple applications on the first day the apartment is available, they'll probably ask for best-and-final offers from everyone and approve a renter based on those offers and the strength of the supporting application.

Some landlords will only process one application at a time, but if they know there are multiple applications, they might ask a prospective renter to increase their offer. Other landlords or brokers will submit multiple applications at once.

"You can assume that the point at which a landlord would ask for a better offer would be after you have submitted your application but before you have been approved," said Evan Osur, an agent at Living New York.

That can leave some renters feeling that a landlord is raising the rent based on your ability to pay more. However, the brokers we spoke to said that is unlikely. More likely, you are dealing with a representative for the landlord. If these agents or brokers see that the apartment can generate a higher rent for the landlord, they will try to get it, but it is not based on your particular finances.

Also, "the landlord will never create a lease, have you sign, and then subsequently increase the price," Osur said.

3. How much more should you offer?

The percentage increase in the rent you offer will depend on whether the asking rent is under market. That's where some research comes in handy—try to find out what similar apartments in the same area are renting for by searching a listings website. If the asking rent is low, you may choose to offer a higher amount.

The rent increase you offer will vary depending on whether it is a studio asking $1,700 or a much pricier place. If you're willing and able to pay more, "that little extra bit can be make or break,” Wheelock said.

Osur said a reasonable increase is typically between 2 and 5 percent of the advertised rent.

"You can always tell if something is in high demand by looking at the number of saves on StreetEasy–that's always a good barometer," he explained. So, if 170 users have saved the rental in a week, you might consider increasing your offer by 5 percent.

Another approach is to offer just a bit over the asking rent. "Perhaps $25 or $50 as more of a symbolic gesture," said Brian Hourigan, senior managing director at BOND New York. This is particularly effective if you feel your application and financial qualifications make you a strong candidate.

One other factor to consider is what the apartment is worth to you. Recognizing that continuing your apartment search can have an emotional toll, Wheelock recommended asking yourself: “How much is it worth not to have to deal with this process anymore?” That—and your budget— should be your ultimate guide.

And renter beware: "Since the implementation of the FARE Act, landlords have recouped their costs by raising rents," Osur said. "One way or another, the broker has to get paid on properties where they are involved. This new expense that the landlord has to incur makes it less likely that they will negotiate off their ask."

5. What do bidding wars say about the landlord?

When entering a bidding war to buy an apartment, you don't expect to have an ongoing relationship with the seller. That's not the case with a rental, where you will have to deal with the landlord regularly.

According to Wheelock, most landlords rely on a representative to do these negotiations so they aren't viewed as the "bad" guy. And if you're uncomfortable with how the process is being managed, you can, of course, walk away.

But a landlord who enters into a bidding war isn't necessarily a negative sign. More telling is whether they respond promptly and efficiently to questions or maintenance concerns. Be sure to do your homework about what it is like to live in the building and see what other tenants have to say.

"Open and transparent communication is what typically makes renters feel like they have a landlord who cares and they can trust," Osur said.

5. How do I avoid a bidding war for a rental?

The best way to beat the competition is to have a strong application ready to go. That includes having a good credit score. You also want to be first in the door. Don't wait until the weekend to visit an open house—try getting in there earlier on a Thursday or Friday.

Being fast and first, however, may not be enough.

One tip is to offer to start the lease early. Can you move within a few days of seeing the apartment? Landlords don't want their apartments sitting empty.

"The typical market allows for anywhere between 15 to 30 days for the expected move-in date of a new tenant; an applicant can sometimes trade an immediate occupancy for their application being considered first," Hourigan said.

The summer is normally the busiest time in the rental market, meaning landlords usually want leases to start and end between May and August. If you are open to a 16- or 18-month lease term in the winter months, you might be able to leverage that flexibility.

In addition, rents are highly location-specific, so consider looking in less in-demand neighborhoods with greater inventory and cheaper deals.

Finally, depending on your finances, it may make more sense to buy. If your main obstacle is coming up with the required 10 to 20 percent down payment, you may qualify for first-time buyer loans and programs available to New Yorkers. You may also want to read "Buying for the first time in NYC? Be sure to prep your finances first" for more insight.

6. Does it help to have an agent?

In a competitive market, having an agent can give you an edge, Malin said. A good agent knows where the deals are, what comparable apartments are renting for, and can guide you on how much to increase your offer and negotiate on your behalf. At the very least, they can prepare you for what to expect.

"You're only in the market today because you need to be in the market today. Brokers are in the market every day, and they understand what's going on," he said.

A broker might also know of apartments that aren't yet listed or are in a building you might not have considered, he added, noting that they can get real-time alerts and can get you in to see places before the competition.

In this scenario, you will likely be asked to pay a broker's fee to compensate an agent for doing this legwork (this is permissible under the FARE Act). For NYC newcomers or renters who need an apartment fast or have other constraints, it often make sense to go this route.

7. Are rental bidding wars here to stay?

Demand for NYC rentals shows no sign of slowing down, so expect bidding wars to continue for the foreseeable future.

Meanwhile, Malin advised keeping an eye on the vacancy rate. "In New York City, the difference between a 1.5 percent vacancy rate in terms of bidding wars and price negotiability versus 2.5 percent is significant," he said.

This is where Brick’s rental market reports can be handy. In addition to the vacancy rate, these tell you what median rents are and what leasing activity is like, giving you a sense of how much (or how little) negotiability renters have.

—Earlier versions of this article contained reporting and writing by Emily Myers. This article was updated for April 2026 by Evelyn Battaglia.

Manhattan median rent at record high $5,000 for the second month in a row

Jennifer White Karp — Thu, 09 Apr 2026 10:15:00 EDT

Were some Manhattan apartment hunters so shocked by March’s record asking rents that they walked away from available units? That’s what last month’s slightly higher vacancy rate would seem to suggest.

For the second month in a row, Manhattan median rent hit $5,000 a month, a record high, according to Corcoran’s latest rental market reports for Manhattan and Brooklyn.

The rental market “remained incredibly inventory constrained,” said Gary Malin, COO at Corcoran, in his firm’s report. It was the 19th consecutive month to see a drop in inventory and available listings reached the lowest level in four years—yet Manhattan’s vacancy rate moved unexpectedly.

The vacancy rate measures the share of total rentals that are unoccupied and available. In Manhattan, it typically hovers at crisis levels—somewhere between 1 and 2 percent (anything below 5 percent is considered a housing emergency).

“Despite the contraction of new listings, the vacancy rate ticked up slightly versus February and year‑over‑year, as some sticker shocked renters allowed what was on offer to accumulate,” Malin said. The Manhattan vacancy rate was 1.88 percent in March, a slight increase compared to February (1.73 percent) and March 2025 (1.74 percent).

There’s still plenty of demand, as usual: The number of new signed leases rose 5 percent year over year from last year’s five-year low. However, activity remained about 9 percent below the historical average for March, the report said.

New March record for Brooklyn rents

Brooklyn’s median rent increased 4 percent year over year to $4,150 (down slightly from an all-time high in February but still a record for the month of March). Listings fell 8 percent on an annual basis.

And last month, Brooklyn experienced the strongest month for new signed leases since 2021, according to Corcoran. Leasing was up 13 percent from February and 5 percent annually.

Renters “still find relative value in Brooklyn, but conditions are becoming increasingly competitive,” Malin said.

Looking ahead, he said a lack of listings will likely push rents for new leases higher in the summer.

Brooklyn median price increases to $840,000 in the first quarter as deals fall

Jennifer White Karp — Thu, 09 Apr 2026 09:45:00 EDT

Low listing inventory and economic concerns held back deals in Brooklyn in the first quarter, and those constraints contributed to a higher median sales price.

The median sales price for Brooklyn co-ops and condos increased 2 percent to $840,000, even as deals dropped 3.5 percent compared to the first quarter of 2025, according to Brown Harris Stevens’s first quarter sales market report.

In Queens, the median price for co-ops and condos dropped 6 percent to $397,000 from the year ago quarter, according to BHS. Closings were down 11 percent.

For the Riverdale market, the median apartment sales price was up 6 percent to $339,000. Closings were down 29 percent.

Bess Freedman, CEO of BHS, said that even with rising mortgage rates, inflation, geopolitical tensions, and slower economic growth, demand for Brooklyn properties was strong.

“The low inventory levels in many neighborhoods should keep prices stable in the coming months, even as mortgage rates remain elevated,” she said in her firm’s report.

High-end deals drove activity

Like the Manhattan sales market, where deals above $3 million doubled in the first quarter, boosted by a record Wall Street bonus pool, the high end of the Brooklyn sales market saw sustained demand.

“Brooklyn’s market slowed in the first quarter as higher prices and economic uncertainty made buyers more selective. There were fewer transactions, but prices remained strong, driven largely by continued activity above $2 million,” said Michael Sorrentino, senior vice president and general sales manager for New York at The Corcoran Group.

Sorrentino noted that deals in the Brooklyn market occurred faster in the first quarter: Days on market fell 11 percent.

Corcoran’s Brooklyn sales market report said that listings are increasing: Active listings rose 12 percent annually.

That means more choices “particularly on the resale side, giving buyers more options than last year and creating opportunities for those who are prepared and ready to act when the right home comes along,” he said.

According to Corcoran’s Brooklyn sales market report, the number of listings represented the highest first-quarter average since 2022, yet was still 4 percent below the 10-year, first-quarter average.

Signed contracts fell 14 percent year over year, the steepest annual decline in more than two years, according to Corcoran.

Sweet spot for Brooklyn houses

In its first quarter sales market reports for Brooklyn and Queens, Compass noted that sales of Brooklyn houses $3 million and above increased 14.1 percent year over year and saw a 5.6 percent higher average price per square foot.

Luxury condo deals in $2-$3 million range were up 13.3 percent annually, year over year, while the $3 million-plus bracket was up 13.9 percent, with the majority of these sales in North and Northwest Brooklyn, the report said.

In Queens, sales of luxury condos in the $1-$1.5 million range increased 26 percent and there were twice as many sales in the $1.5 million-plus segment, a result of new development closings.

Slowdown in new condo pipeline

Coury Napier, director of research at SERHANT, said in his firm’s report on Brooklyn’s new development market that a modest sales increase in the first quarter was driven by deals in south and east Brooklyn. The luxury segment here also powered deals, with closings above $2 million rising 20 percent.

Contract activity declined 15.4 percent, largely due to a slowdown in new condos. New listings fell 7.9 percent year over year, limiting available inventory across the borough.

North Brooklyn stood out, with median prices rising 14.3 percent to $1.4 million and price per square foot increasing 7.9 percent to $1,600, "reinforcing Williamsburg and Greenpoint as key drivers of demand and pricing," Napier said.

The 1889 Louis Isaacs House at 349 West 122nd St: Part of a new neighborhood and home to a tabloid scandal

Tom Miller — Tue, 07 Apr 2026 09:30:00 EDT

Have you ever passed by an interesting residential building in New York City and wanted to know more about its history? In this series, Brick Underground teams up with Tom Miller, creator of Daytonian in Manhattan, a blog about Manhattan buildings and other historic architecture. Each week, we will run an excerpt from the Daytonian’s archives with a link to the full article.

Within a three-year span, brothers Joseph W. and Abram Alonzo Teets transformed a block of West 122nd Street between Morningside Drive and Manhattan Avenue from vacant lots into a neighborhood. In 1888, they hired architect J. A. Webster to design 11 brownstones on the north side of the block. The following year, Webster designed 10 houses on the south side for the brothers.

Part of the initial project was 349 West 122nd St. The house, completed in 1889, was just 15 feet wide and identical to its neighbors. The tall stoop was guarded by beefy iron newels and railings. Each floor was belted with carved foliate bands, and the windows wore prominent molded cornices supported by fluted brackets.

Subsequent occupants included the family of James F. Douglass, a woolens importer at 244 Fifth Ave. He and his wife had a son and daughter—and the daughter, Lorene, made the Douglass name fodder for newspapers nationwide.

In the summer of 1907, Lorene, who was then 15 years old, snuck away to get married to another underage teen, along with another pair of friends. All four lied about their ages to a Methodist minister Rev. M. Wilson in Oyster Bay, N.Y. Despite their youthful appearance and clothing, and the fact that the four giggled and made light of the ceremony, Rev. Wilson married the two couples.

When the marriages came to light, according to The Anaconda Standard, a Montana newspaper, they "caused wrath and consternation in the homes of four well-known New York families." The New York Times discovered that the Douglasses "consulted their lawyers early in the summer, and were told that the marriages were not binding owing to the ages of the four."

At some point, the property became a rooming house. Surprisingly, given that Harlem had become the epicenter of Manhattan's Black community, the tenants seem to have been mostly German. Living here in 1934, for instance, were Peter Franz and Meyer Goldschmidt.

The property sold several times in quick succession during the Depression; in December 1936 and in November 1937 for $6,500 (about $142,000 today).

Restored in recent years to a single-family home, a surprising amount of original interior detailing survives throughout the house, as seen in a 2020 listing.

For more on this building and the shenanigans of its inhabitants, check out the full article.

How to deal with an ant infestation in your NYC apartment

Brick Underground — Mon, 06 Apr 2026 15:00:00 EDT

Are ants marching across your apartment's kitchen counters? It’s a not-so-pleasant sign of spring in New York City.

Warming temperatures make ants more active as they come out from hibernation and look for food and water sources or establish new colonies, said John Downey, vice president of New York City-based Pest Pro.

“During the warmer months, ant reproduction occurs. An increase in rain, fluctuating temperatures, and moisture in the soil from melting snow are all factors that contribute to an increase in activity,” Downey said.

Ant colonies can be big—really big: “What customers often don’t realize is that colony size can range from a 100,000 to over a million and the colony can be anywhere within 100 yards” from where you see any activity, he added.

Yikes! But NYC renters do have one advantage over ants: It’s a landlord's responsibility to make sure your apartment is free of pests. The warranty of habitability ensures you shouldn't have to put up with unlivable conditions—and that includes infestations of rats, mice, roaches, and insects.

Even though your landlord is required to take action, it’s a good idea to do what you can to prevent ants from getting inside your apartment. See more advice below.

[Editor's note: A previous version of this article was published in May 2023. We are presenting it again with updated information for April 2026.]

Where are the ants coming from?

Most ants build colonies in the ground, establishing them in front and backyards of buildings. Gil Bloom, president of Standard Pest Management, recommended that owners reduce leaves and other organic matter and remove any trash on the ground outside. Trash cans should be stored off the ground, and the area should be cleaned regularly.

Bloom said ants may come inside when landscaping work disturbs nests. Another factor can be rain. If a deluge floods a nest, ants will be looking for a suitable place to relocate. In spring, however, they are looking for food.

"They are very much in foraging and food establishing mode," Bloom said. Most of the colony are back in the nest but forager ants are out looking for food and water, searching "aimlessly," as Bloom put it. Once they find a food source—such as pet food that’s always available or a wet sponge by the kitchen sink—that's when they establish linear routes (against the wall, along the edge of the countertop) to and from the nest.

What's the best control treatment?

There are more than a dozen types of indoor ants. If you can collect one for identification, that can help a pest management company determine the best control treatment.

It's tempting to disrupt the path of the ants with a spray but Bloom said that isn't always an effective remedy. "If they are in the area, they are going to forage or reestablish the path. By removing the ant trail you haven’t removed the ants," he said.

A spray could also backfire by multiplying the nests when groups of ants break off and create new colonies.

It's better to use bait that's toxic and will be taken back to the colony to be consumed. Be sure to put it around the building’s exterior to create a perimeter defense, Bloom said. Using toxic bait can take a week or two to have real effect and you may need to do at least two treatments. The active ingredient in most bait formulations is boric acid.

In addition, you (or your landlord) should close and seal exterior gaps around low windows, pipes, and other access points with a weather-proof sealant. Bloom also recommended trimming trees and pruning foliage, so they do not create access to your unit for foraging ants.

In the meantime, you need to remove food sources and eliminate standing water and leaks that provide water sources for ants and other pests. This can be the most difficult part of the puzzle.

"There are so many opportunities for food—that's why insects are so successful," Bloom said.

Another effective solution is to set up a monthly pest control service throughout the summer months.

—Earlier versions of this article contained reporting and writing by Emily Myers. It was updated for April 2026 by Jennifer White Karp.

Why I moved to NYC from D.C: After growing up outside the city, I wanted to make it my own

Kelly Kreth — Fri, 03 Apr 2026 09:30:00 EDT

Grace knew she wanted to move to New York City someday. After living with a roommate in D.C., she decided the time was finally right. In Greenpoint, she pays double for a quarter of the size of her previous place. But she’s happy with her studio’s floor-to-ceiling view of Manhattan and her new life—for now. Here’s her story as told to Kelly Kreth.

I was adopted from Cambodia and raised in New Rochelle. I went to college in Syracuse and then moved to Washington, D.C., where I lived for the past two years.

I lived in Mt. Vernon Triangle with a roommate, a friend from my sorority at college who grew up in the DMV area—that’s what locals call the District of Columbia, Maryland, and Virginia.

Our apartment was great and had everything we wanted. It was a 1,345-square-foot, two-bedroom, two-bath unit with a massive kitchen counter, two balconies and a very comfortable living area. The bedrooms could easily fit king-sized beds. The primary bedroom, which was my roommate’s, had three walk-in closets and was large enough for a small sitting area. Our rooms were on opposite sides of the apartment, which gave us more privacy.

[Editor's note: Brick Underground's series The Newcomers features first-person accounts about why a renter or buyer decided to take a chance on NYC.]

In terms of amenities, we had in-unit washer/dryers and air conditioning. The building had a co-working space, media room, roof deck with two pools, grills, and enough space that you were never truly on top of anyone. This was all included in the rent.

We split our rent of $3,450. The only thing I paid extra for was parking, which was $225 a month.

I loved the area for its convenience. It was a 10-minute walk to my office. For most of my time in D.C., I was a food and beverage publicist with clients primarily in the mid-Atlantic region. We also lived a 10-minute walk from the Capital One Arena so we went to a few basketball/hockey games. There were so many great restaurants and bars in the area.

Why she decided to move

Most of my family and many of my friends are in NYC and I was traveling up to New York by car or plane about every other weekend. I always knew I wanted to end up back in NY, but wasn’t fussy on a timeline. Then D.C. started to feel like a layover: I would get home, do laundry, and a day later I was back on the road.

By August 2025, I knew I was going to move to New York. My lease in D.C. didn’t end until December, but I was officially moved out by November. I moved home for those two months and was in my new apartment by January 5th.

Wanted: A one bedroom for $2,000 (in my dreams)

Ideally I would have loved to be in a one bedroom to have separate work and living spaces, but I knew that might not be possible. I also would have loved to stay within a $2,000 budget. Was that realistic? No. Once I started looking to get a feel for prices, my budget shifted to $3,000-$4,500 a month.

I zeroed in on Brooklyn and then the Williamsburg/Greenpoint area pretty quickly. I considered trying to focus on a quick commute into Manhattan, but because NYC is so accessible by mass transit, I decided not to be too picky about my commute time. I saw a total of eight properties that I found by using Google.

I toured my apartment, accepted the next day, filled out my application, and was approved within three weeks. No bidding war, no interview. I used a guarantor, so it took a little time to gather documents from them, but nothing crazy.

What she likes about her place

I’m now living at the tip of Greenpoint in a studio with a den. It’s about 420 square feet and the rent is $3,400 a month. I have a washer/dryer in the unit and dishwasher.

I use the den as a sleeping area and it fits a full-sized bed with two slim night stands on either side. The living room area has room for a two-seat dining set, small couch and large tv on the wall. The entire back of the apartment has floor-to-ceiling windows. I'm on the 26th floor, so the view of Manhattan is phenomenal.

The building has amenities that cost an additional $125 per month if you want to use them, including a gym, co-working areas, spaces to entertain, and an outside area. I do not pay for those amenities. In the summer, there is the option of paying $700 for the season if you want access to the pool. Since I did not use the pool much in D.C. and that cost was included, I do not intend to pay an exorbitant amount to barely use one in NYC.

I love the ease of getting in and out of the building. With only one entrance, it feels safe, especially with a 24/7 concierge.

What she thinks of the area

I love getting my nails done at Honey Nail Salon. I love Enerugi Ramen and Zenzo Sushi. This winter was so cold that I wasn't able to explore much but when I do get outside, it’s nice to walk around the waterfront and stroll around Williamsburg.

I work remotely now and if I have to go to Manhattan, the ferry that takes me to 35th Street is the easiest option. I’m keeping my car in New Rochelle and take MetroNorth if I need it.

My friends love my place but I’m still treating it like a layover, since I love to make travel plans for nearly every weekend. As long as I’m happy, they’re happy.

Dating here is a bit daunting. I feel fortunate that I’m someone who forces myself to make conversations with people where and when I can.

I think being on my own is really the greatest part of being here. Growing up just outside NYC and having grandparents in Midwood, I was always around the city, but now I get to make it my own.

I love living in Brooklyn, however I think the goal is to keep moving and have more experiences. I’m open to other possibilities when they present themselves.

Manhattan co-op and condo deals above $3 million doubled in the first quarter

Jennifer White Karp — Thu, 02 Apr 2026 09:30:00 EDT

Manhattan co-ops and condos saw a jump in deals and median sales price during the first quarter despite sobering economic “noise.”

A record Wall Street bonus pool of $49.2 billion helped spur high-end transactions. The average bonus on Wall Street was up 6 percent in 2025 to $246,900, according to New York State Comptroller Thomas P. DiNapoli’s annual estimate.

That contributed to a burst in high-end sales: The number of Manhattan co-op and condo deals above $3 million doubled in the first quarter compared to a year ago, according to a market overview from Jonathan Miller, president and CEO of appraisal firm Miller Samuel.

“The jump is a combination of slipping mortgages rate but is largely bonus driven, the perfect storm for the middle of the luxury market," Miller said.

The first quarter report is based on closed sales so the impact on mortgage rates from the war in Iran, which began February 28th is not reflected in these results, he added.

The average rate on a 30-year mortgage fell below 6 percent during the last week of February but began steadily rising after the conflict started, yesterday reaching a seven-month high of 6.57 percent.

In the broader market, the median sales price for Manhattan co-ops and condos increased annually for the fifth straight quarter, rising 5.2 percent from the first quarter of 2025 to $1,225,000, Miller’s report said. Deals rose annually for the sixth time, increasing by 2.9 percent, and listings dropped 16.7 percent.

Sales of co-ops rose annually for the sixth time, rising by 3 percent, and the median sales price of $850,000 was flat compared to the year-ago quarter.

The median sales price for condos, $1,750,000, was a 1.4 percent increase from a year ago. Deals were up by 2.8 percent on an annual basis.

Geopolitical uncertainty

Pamela Liebman, president and CEO of The Corcoran Group, noted in her firm’s first quarter Manhattan sales market report, “Manhattan had a powerful start to the year. Sales are growing, volume is up, and pricing is holding firm, even with all the noise in the broader economy.”

Total sales volume increased 4 percent to $6.2 billion, making it one of the highest first-quarter totals seen in nearly a decade, Corcoran’s report said. However, signed contracts were down 11 percent year over year, the first decline observed since 2024.

“Buyers are reacting to geopolitical uncertainty, volatility in the financial markets, and the expectation that mortgage rates may improve later this year,” the report noted.

Bess Freedman, CEO of Brown Harris Stevens, noted in her firm’s report that while the Manhattan sales market is facing multiple challenges, including “rising mortgage rates and inflation, a military conflict in Iran, and sluggish economic growth, demand for Manhattan apartments has remained strong.”

Inventory is down “with several areas now considered a seller’s market,” Freedman said. “That said, our inventory levels remain higher than the national average, which has kept prices from rising too fast over the past few years.”

‘Hedge against economic volatility’

A report from Bond said that Manhattan buyers are being more cautious and many are “pausing to assess evolving economic conditions before making significant financial commitments.”

Because buying a home is “the most significant financial decision they will make, and in times of uncertainty, the inclination is often to wait, while others recognize property investment in NYC as a strong hedge against economic volatility,” the report said.

Fewer days on market

Listings sat on the market for shorter periods in the first quarter compared to the fourth quarter of 2025, wrote Kevelyn Guzman, regional vice president of Coldwell Banker Warburg, in her firm’s report. “Sellers who priced correctly found their buyers,” she wrote.

Manhattan listings were down compared to a year ago, but showed an increase compared to the previous quarter, she wrote.

It’s not clear yet whether that trend will continue. The “question heading into the second quarter is whether that new inventory arrives well-positioned to meet the demand that has been building,” Guzman wrote.

Waiting for April 15th

A series of record-breaking storms that began in late January were disruptive but only caused a modest market slowdown, observed a Manhattan sales market report from Compass.

“A long, cold winter, combined with stock market declines, combined with a war in the Middle East helped offset a record bonus season,” said Leonard Steinberg, the firm’s chief evangelist.

He said the spring markets don’t usually kick into high gear until around April 15th. “Many sellers hold off listing till spring. Many buyers hold off on buying till the spring, awaiting the new inventory,” Steinberg said.

Opportunity to negotiate

The Upper East Side market got a sales boost from two new development launches, said Coury Napier, director of research at SERHANT, in his firm’s report. Deals there drove up activity and pricing for the neighborhood, he said.

New development sales declined in most neighborhoods, except for the Financial District and Billionaires’ Row, “where older inventory has created opportunities for buyers to negotiate,” Napier wrote.

William S. Schneider's 136 Waverly Pl: Medieval and Aztec motifs with early residents on both sides of the law

Tom Miller — Tue, 31 Mar 2026 10:30:00 EDT

In 1928, the Citadel Construction Company commissioned architect Walter S. Schneider to design a 16-story apartment building on the southwest corner of Sixth Avenue and Waverly Place, the former site of Greenwich Savings Bank.

Schneider gave the brick-faced structure medieval-style decorations in cast stone around the entrance and Aztec-inspired motifs in terra cotta at the top two floors. He used contrasting brick to create bandcourses and to simulate quoins.

An advertisement for The Waverly offered apartments of three or four rooms that included "dining alcoves [and] electric refrigerators." The electric appliances were a significant amenity at a time when many New Yorkers still had messy iceboxes in their kitchens. Rents started at $900 per year, or about $1,750 a month in 2026 terms.

A 1967 renovation created eight stores at street level, five apartments per floor, and one penthouse.

Daytonian in Manhattan

Residents Margaret and Joseph Sarafite lived here as early as 1940. An attorney, Sarafite had been on the staff of District Attorney Thomas E. Dewey's since 1938. Joseph A. Sarafite was appointed assistant district attorney, then “head of the Rackets Bureau.” The New York Sun reported the latter promotion, noting that since 1938, "of 200 cases on which he worked, convictions were obtained in 98 per cent of them."

Among the Sarafite's neighbors in the building was Gerard Mosiello, described by The New York Times on June 29th 1943 as "a convicted burglar." His brother, Anthony, who lived on Sullivan Street, was described by the FBI as "a bookmaker." The brothers and two other men formed a corporation to supply ammunition to the Soviet Government.

All four men were arrested in 1943 not for supplying munitions to a foreign entity, but for fraud. The New York Times said they devised "a scheme alleged to have been carried out in the shipment to Russia of 3,072,000 .45 caliber cartridges, of which 38 per cent were found to be dangerously defective."

A renovation to the building completed in 1967 resulted in eight stores at street level, five apartments per floor in the upper section, and one in the penthouse level.

For more on this building, check out the full article.

Moving to NYC after college? Here's how to find a rental apartment

Evelyn Battaglia — Mon, 30 Mar 2026 11:30:00 EDT

New York City has long been a popular landing place and launch pad for recent college grads, so if that's your plan, know that you will face lots of competition for apartments. Of course, it's not just recent graduates who are combing listings for a place to live in NYC—you are also competing with other newcomers who may be more established in their jobs.

Know, too, that NYC landlords are by no means desperate for tenants. Rents continue to hit new records, concessions like free months are extremely rare (given severely limited inventory), and applications from multiple hopeful renters and even bidding wars are the norm. Yes, you read that right—there are bidding wars for rentals.

On the bright side, apartment hunters had a major upfront cost removed when a law banning most broker fees went into effect in 2025, making landlords responsible for paying commissions to the agents they hire.

[Editor's note: A previous version of this story ran in April 2025 and has been updated with new information for March 2026.]

Regardless of the type of rental you want, you can improve your chances of scoring an apartment by getting your paperwork in order and doing some online reconnaissance on where you want to live before you hit the pavement. Here's how to do all of that.

Qualifying for a rental

Let's be frank: It is not easy to qualify financially for a standard rental apartment in NYC. The bar is set higher than perhaps in any other city.

For starters, most landlords require that your annual earnings equal at least 40 times the monthly rent, which can be a tall order on a postgrad's salary. That means you (and any roommates) need to make at least $80,000 per year to qualify for an apartment that rents for $2,000 a month.

You'll also need a good credit score, generally 680 or higher. On this front, make sure to remove your name from any utility bills associated with your former college housing, so your credit isn't affected by any delinquency after you move out.

If you or your roommates don't collectively meet these qualifications, you might need what's known as a guarantor—a financially stable party (usually a parent) who guarantees to the landlord that they will pay the rent if you don't. In addition to minimum credit scores, guarantors must usually have an income of at least 80 times the rent (so they can pay your rent and their own housing expenses), and many landlords insist that they live within the tri-state area (New York, New Jersey, or Connecticut). That proximity makes it easier for them to collect money should things go south.

If you don't have someone willing or able to act as a guarantor (or if one qualifying parent is reluctant to act as the guarantor for you and your roommates; more on this nuance below), services such as Insurent and TheGuarantors will act as guarantors for a fee.

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What if none of these solutions is an option? Get creative: Consider subletting or searching for someone who needs a roommate a rather than signing a new lease. You could also look for jobs that offer free or reduced rent.

Navigating the roommate situation

Unless you're starting a lucrative banking gig right out of college, chances are you'll need to share the rent with others.

If you're apartment hunting with a roommate, Kathleen LaMagna, an agent at Compass who has helped many college grads find their first NYC apartment, recommends having a frank conversation about expectations, lifestyle choices, and finances.

"It's important that everybody is on the same page (including guarantors) before you start your search. Otherwise, unanticipated differences in expectations could lead to the demise of roommate arrangements," she said.

You should absolutely discuss the budget, along with quality-of-life issues like cleaning tasks, smoking, and socializing at home. For other important conversation topics, check out "The 21 best questions to ask potential roommates." And head to these websites to start your search.

Bear in mind that renting an apartment with roommates will also affect your guarantor situation.

"Parents think that when they sign on as a guarantor, it's similar to living in a dorm, where they're only guaranteeing their child's portion of the cost," LaMagna said. "But the truth is that when you sign on as a guarantor, you sign on to guarantee the entirety of the lease."

Some—but not all—landlords are willing to take multiple guarantors, which can help even out the risk. Pooling funds together to pay for a single institutional guarantor can also be a good solution. If you plan to use guarantors, you and your roommates should have a frank discussion with everyone involved about the financial responsibility and how much each is willing to take on.

One other note: It's always smart to get your own renter's insurance policy.

Pro Tip

Pro Tip:

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Handling the apartment search

Although you might feel pressure to get a jump on apartment hunting, don't expect to find one too far in advance.

NYC is a fast-moving market, and most landlords don't list available apartments until about a month before they are available. You can start browsing listings early to get a sense of what's out there and what neighborhoods you can afford, but don't expect to find your future apartment any earlier than a month before the move-in date.

"Generally, I always tell college grads to start looking 30 to 45 days before they need to move," said Lisa Li Moye, a broker at Corcoran. "So if you need a place by June 1st, start in mid-April."

Using a broker

In case you're not aware, NYC apartment hunters caught a big break when broker fees became the landlord's responsibility (in most situations).

The City Council passed the Fairness in Apartment Rental Expenses (FARE) Act in November 2024. This law shifts the burden of paying agents to the landlords who hire them, reducing a major upfront cost—as much as 12 to 15 percent of the entire year's rent—for renters. Some landlords reportedly responded to the new law by rolling the broker fee cost into higher rents.

Bear in mind that you could still be on the hook for a broker's fee if you hire a broker to show you different neighborhoods and take you to lots of listings. In these instances, there's still a lot of merit to this practice because brokers know the NYC market well and can tailor the search to your budget. They can help you put together a successful application, too.

Viewing apartments

You may be wondering how to land an apartment before you even land here. Lots of newcomers rent apartments based on listing photos and videos, but beware of fake listings or other pitfalls (like an illegal bedroom with no windows). Some photos are exceptionally, and often deliberately, deceiving. If at all possible, make at least one trip to the city to scope out places—or entrust a friend or relative who lives nearby to do this on your behalf.

Barring that, it's wise to have an intermediary housing solution when you arrive, be it a legitimate Airbnb, a friend's couch, or an extended-stay hotel. Short-term rentals are also available, though you'll want to beware of scams. Don't be daunted by the short timeline—it will take work, but finding an apartment in a single weekend is not only possible but common.

If you're looking for a new place with roommates, avoid divvying up the apartment viewings. "You don't want to have one roommate coming in, securing an apartment, and then it turns out the other one doesn't like it," said Melaine Lessey, a broker at LL Real Estate Services.

"There is an increased demand for rentals during spring and early summer as a result of recent college graduates relocating for work. Be prepared to act quickly once you have located an apartment and have all your documents already uploaded and ready to submit," she said.

Another tip: Remember to play it smart when scheduling appointments to view apartments. If something seems off about an apartment or an agent, go with your gut. Meet the agent in a public place, take a friend to an open house, and never put down any money without seeing the apartment first.

Calculating how much you'll pay

Although rare in the current market, landlords or management companies sometimes advertise one or two months' "free rent" with a lease signing. Some landlords spread the discount over the term of the lease in what's called the net effective rent or the advertised rent, but the net effective rent is less than the amount you will actually have to pay—known as your gross rent—during your non-free months.

Be clear on what you'll actually pay each month by using the Brick Underground Gross Rent Calculator, below. Simply input the net effective rent, the length of the lease, and the number of free months being offered.

Brick Underground's

Gross Rent Calculator

What's this?

Net Monthly Advertised Rent

Per Month

Continue

Length of Lease Months

Number of Free Months Months

Calculate

Your Real Monthly Rent:

Per Month

You should also be aware that, due to new laws passed in 2019, landlords cannot charge more than the first month's rent and one month's security deposit, Moye said.

Picking a neighborhood

Almost as important as the apartment itself, the neighborhood you live in can make or break your experience as a New Yorker.

Tap your social networks to learn where your contacts live and what they like or don't like about the area. You can also lean into Brick Underground's extensive archive, including "15 things real New Yorkers look for in a new neighborhood."

One of those wish-list items is proximity to transportation.

"I recommend that graduates decide which train they need to be close to," Moye said. "What's most convenient for work, grad school, whatever they decide to do. Figure out the easiest way to get to where you need to go—for instance, don't move to the Upper East Side if you know you'll be working in Chelsea."

Unless money is no object, start browsing listings in your price range and note whether most seem to be popping up in the same few nabes.

"Do your research online, then spend a good day going to different neighborhoods you think you might be interested in to see how you feel in each space," LaMagna said.

Besides transportation, factor in conveniences such as grocery stores, drug stores, banks, coffee shops, restaurants, and the nightlife scene, if that's important to you. For stats on things like crime, pests, and general cleanliness, it also doesn't hurt to do some online digging.

Don't forget to research the building and the landlord as well. Here are ways to start your sleuthing on the neighborhood in general and the building in particular.

Considering the co-living option

If you don't mind having roommates and find the idea of tracking down an apartment, furnishing it, setting up utilities, and all the myriad parts of renting here especially daunting, you might consider co-living.

Not familiar with the concept? Think of co-living arrangements as a grown-up version of dorm-style living, where you typically pay a flat fee for a bedroom in a shared, furnished apartment, including utilities and other amenities. Social programming and events are often included in co-living arrangements—which can be a bonus if you're new to the city and don't know a lot of people.

Keep in mind that there are some gray legal areas in apartment sharing. This article breaks down what you should know to protect yourself.

Putting in your application

Landlords will expect you to hand over a lot of paperwork when you apply for an apartment. Although it can vary by building, you can generally expect to provide a copy of a photo ID; two of your most recent pay stubs, or, if you're starting a job, a letter of employment; your last two years of tax returns; three months' worth of bank statements; proof of other funds like stocks; and personal reference letters. Your roommates and any potential guarantors will need to have all this information handy.

It's best to assemble all those items before you even start your search—apartments get snapped up quickly, and you'll want to submit an application on the spot if you see a place you like.

"I advise my clients to organize and combine all their documents into one PDF," Lessey said. This way, you can readily print or attach that one file to streamline the process.

Know that the 2019 changes to the rent laws capped rental application fees at $20. However, if you rent in a condo or co-op, you can be charged higher fees.

Preparing for move-in day

Once you've locked down your lease and have a moving date in mind, it's time to secure the movers or a U-Haul, as both tend to get booked up at busy times. The weekend before the first of the month, the day when many leases start, tends to be the most popular time to move. You may also get a lower rate if you book in advance.

If you're using movers to transport your belongings from another city, it's usually cheaper to hire someone from your origin city rather than a New York-based company. Otherwise, know how to get the best rate from a local moving company.

Double-check whether your new building has any specific move-in policies. For example, some elevator buildings will only allow move-ins during weekdays between 9 a.m. and 5 p.m. to minimize inconvenience to other tenants.

One last word to the wise: Moving scams do happen in NYC, so if anyone asks you to pay for the entirety of the move upfront, find a different company.

—Earlier versions of this article contained reporting and writing by Virginia K. Smith and Emily Myers.

Over 35 and living with roommates? It’s a growing trend in NYC

Jennifer White Karp — Fri, 27 Mar 2026 09:30:00 EDT

Renting with roommates is not just for 20-somethings. New York City’s nosebleed rents mean many renters can’t afford to live alone and as a result, more renters are living with roommates far into adulthood—even as seniors.

In fact, the share of older renters is growing faster than younger renters. New data from SpareRoom, a roommate-matching platform, finds that the proportion of NYC roommate renters under 35 in decline, while the percentage of renters over 35 is rising.

From 2015 to 2025, the number of NYC renters age 35-44 with a room-wanted or room available listing on SpareRoom increased 45.2 percent. Renters age 55-64 and 65-plus seeking roommates, while still representing small slivers of the total market, showed large percentage gains.

Renters seeking roommates ages 18-24 and 25-34 were down 13.6 and 5 percent, respectively.

‘An affordability crisis’

Cost is a main driver behind the decision to rent, said Matt Hutchinson, director of SpareRoom, but "every individual has their own story, needs, and reasons for sharing an apartment."

He acknowledged a societal bias against older renters.

“Some think if you’re renting beyond a certain point in your life you’ve failed,” Hutchinson said. It’s easy to judge others or feel judgement. “But it is the system that is failing. There’s an affordability crisis and for many, it’s just not possible to buy. That shouldn’t define who you are as person,” he added.

NYC median rents have been marching higher nearly every month on an annual basis for over a year. In February, Manhattan median rent for new leases hit $5,000, a new all-time high and increase of 6 percent annually, according to the Corcoran Group.

Mayor Zohran Mamdani’s 2025 campaign pledge to freeze rent increases for NYC’s one million rent-stabilized units resonated with voters who swept him into office. The Rent Guidelines Board, which determines how much rents rise for stabilized units, is now dominated by his appointees and will likely approve a pause in rent increases when it votes this summer.

Mirroring U.S. trends

Roughly three-quarters of NYC apartments are rentals, the inverse ratio of owners to renters in the U.S. Even so, elder renters across the U.S. make up the fastest growing population, according to SpareRoom.

Elders are now the fastest-growing population facing housing insecurity in the U.S., the site said, as younger Americans are living at home longer. For many older adults, renting with roommates has become the only way to afford housing.

Matching 35+ roommate renters

Sarah Hill, CEO and founder of Perfect Strangers, a NYC apartment and roommate matching site, said her company is seeing a growing number of roommate applications from renters aged 35+ looking to make living in New York more affordable.

"Many of these clients prioritize saving money, traveling, and investing in experiences rather than allocating a larger portion of their income toward living alone," she said. This age group often has more established lifestyles and specific preferences.

Hill said that larger bedrooms are often a top priority, as are separate bathrooms. "We also take care to ask whether clients have children, how often they may visit, and where they would stay. Being transparent about these details is essential to ensure all potential roommates feel comfortable," she added.

Then there's the issue of more stuff.

"Many clients 35+ have accumulated more personal belongings over time, particularly for shared living spaces. We discuss this upfront and, when needed, suggest solutions such as limiting shared items or using storage," she said.

Roommate agreements

Priorities typically change as you get older and if you live with other people, a roommate agreement is critical for establishing boundaries that protect your peace. For a help setting up a roommate agreement, you can use Brick’s guidelines.

If you want a ready-made template, check out Loio’s roommate agreement, which you can customize to clarify each roommates share of rent, utilities, and the security deposit.

“Living with roommates tends to go more smoothly when the financial side is clearly documented from the start,” said Kateryna Adkham, content manager at Loio. “A roommate agreement can cover rent, utilities, deposits, move-out notice, and what happens if someone misses a payment or causes damage. It will not replace the lease, but it can still help create a clear record of what each person agreed to.”

Hutchinson encourages renters of all ages to create roommate agreements.

“Most roommate problems are a result of a mismatch in expectations and its best to iron them out first by discussing how you want to live together,” he said.

Being older does come with an advantage when you’re renting with others.

“One of the joys of being a renter when you’re a bit older is that you know yourself better. You know what you’re looking for and what kind of roommate you are,” Hutchinson said. That kind of perspective can help you create a more realistic contract with your roommates.

Liable for the entire lease

When you share an apartment, you are “jointly and severally” responsible for the rent. That bit of legalese means if your roommate moves out before the lease term has ended, you’re responsible for the rent in full, not just your portion.

If you’re sharing an apartment, it’s very likely that you can’t afford the full rent on your own, Hutchinson said. “It can come as a complete shock that you are fully responsible for the rent,” he added.

If this happens, you’ll likely feel a lot of pressure to replace the roommate fast, but Hutchinson advised taking a beat and approaching your roommate search carefully to avoid winding up with a mismatch.

Brick Underground

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Moving to NYC after college? Here's how to find a rental apartment

Qualifying for a rental

Navigating the roommate situation

Handling the apartment search

Using a broker

Viewing apartments

Calculating how much you'll pay

Brick Underground's

Gross Rent Calculator

What's this?

Picking a neighborhood

Considering the co-living option

Putting in your application

Preparing for move-in day

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‘An affordability crisis’

Mirroring U.S. trends

Matching 35+ roommate renters

Roommate agreements

Liable for the entire lease

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