A recent report by RentCafe reveals that New Yorkers are staying in their rental apartments significantly longer than the national average of 28 months. In Manhattan, renters average 38 months, while Queens sees stays of 51 months. This trend is driven by high demand and a low supply of affordable housing, alongside rising interest rates. As more first-time homebuyers delay buying, many renters find it necessary to renew leases, contributing to a fiercely competitive rental market as the peak season approaches.
Folks are staying longer in their apartments due to interest rates and the lack of supply of affordable housing, forcing them to remain in place.
The average stays range from 38 months in Manhattan to 51 months in Queens, indicating a trend of longer apartment rentals in New York.
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