"If you truly love them, don't let them go. For New York City renters, that old adage rings especially true. The city's renters hold on to their hard-won leases a lot tighter than most Americans, with the average tenures in one borough ranking the longest nationwide. Finding a rental in the Big Apple can feel like a Herculean feat, and new data from RentCafe backs it up."
"Brooklyn renters proved the most faithful of them all, remaining in their apartments for an average of 49 months - the longest tenure in the country. The average US renter holds onto their lease for just 28 months, or a little over two years. The charms of brownstone basements aren't the only thing keeping Brooklyn renters firmly in place. RentCafe placed Brookln's occupancy rate near 96% in the second quarter of the year."
RentCafe data shows New York City renters maintain longer lease tenures than the national average, with Brooklyn averaging 49 months versus 28 months nationwide. High occupancy rates—near 96% in Brooklyn and Manhattan—combined with robust renewal rates and intense apartment competition (about 13 applicants per unit in Brooklyn during peak season) contribute to longer stays. Seasonal pressures, including recent graduates, families relocating before school, and return-to-office mandates, tighten supply during April through June. Elevated mortgage rates reduce desirable rental turnover and limit available options. Manhattan experienced record-high median rents and bidding wars, with minimal housing supply increases during peak season.
Read at New York Post
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