A new study shows how long NYC renters stay in their homes

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. The rental platform’s newest survey of the country’s rental markets saw more than one borough rank among the county’s most competitive. 

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. Two thirds of renters renewed during this time and an average of 13 renters vied for each available apartment. 

The report dubbed this period spanning April through June as peak rental season. 

Supply gets particularly tight in New York City during these months. Newly minted graduates flood the city, families look to move before the school year starts and office workers are heeding back-to-work mandates.

The result of these pressures, compounded by sky-high mortgage rates, means that there are less desirable rentals to go around. 

Across the East River, Manhattan renters stay in their homes an average of 34 months, or close to three years. The borough was ranked the nation’s fourth hottest rental market by RentCafe, with occupancy over 96% and a modest 0.19% increase in housing supply during peak season.

Record-high rents and frequent bidding wars defined this year’s red-hot rental market. Manhattan saw record-breaking median rents this summer, with June charting the borough’s highest annual jump in rents since appraiser Miller Samuel started counting in 2008. 

Renters and their brokers were encountering bidding wars as early as February. The trend continued into the summer as the FARE Act ticked up prices and limited advertised inventory. 

Queens can offer some respite, however. While it’s still ranked as the 32nd most competitive market in the country by RentCafe, apartment hunting within the borough is notably less cut-throat than its neighbors. 

The average rate of renewals in Queens dipped to 61.4% during peak season, according to RentCafe, and occupancy hovered around 95%. Listing vacancies lasted an average 44 days — 10 days longer than renters had in Manhattan.

Queens’ rental supply barely budged in the second quarter, however, and supply wasn’t necessarily stacking up elsewhere — a 0.81% bump in Brooklyn and a 0.19% increase in Manhattan offered hopeful renters little reprieve.

It’s no wonder New Yorkers prefer to stay put.