NYC Rents Hit All-Time High in July

NEW YORK — Despite a slowdown in the growth of rents, high summer demand pushed rents across ManhattanBrooklyn and Queens to record highs in July according to real estate website StreetEasy. Queens median rents rose the most across the three boroughs, up 1.3 percent from last July to $1,996 per month.

Brooklyn rents rose at roughly the same pace as Queens, up 1 percent to $2,453, while rents in Manhattan grew just 0.2 percent over the prior year, hitting a record high of $2,980Queens offered the smallest share of rental discounts: Only 26 percent of rentals in Queens received a discount in July, compared to 32 percent in Brooklyn and 36 percent in Manhattan. This is down from a high of nearly 50 percent last fall in Brooklyn and Manhattan, and down from a 40 percent high in November in Queens.

“A mix of rising rents and fewer discounts or concessions from landlords shows signs of stabilization after a weaker rental market last year,” said StreetEasy Senior Economist Grant Long. “While welcome news for landlords, renters planning on signing a new lease before summer ends should expect limited negotiating power and will need to act fast. This is especially true in the city’s least expensive neighborhoods in BrooklynQueens, and Upper Manhattan; all of which have risen dramatically in popularity over the past year.”

July 2017 Key Findings – Manhattan

  • Manhattan rents rose to an all-time high. Median asking rents rose 0.2 percent since July 2016 to $2,980, the highest on StreetEasy record.
  • Upper Manhattan rents increased the most. Manhattan’s least expensive submarket experienced the largest price increases, with asking rents rising by 2.2 percent.
  • Rents fell in Midtown and the Upper West Side. Despite growth elsewhere in Manhattan, asking rents fell by 0.4 percent in both Midtown and the Upper West Side to $3,060 and $3,048, respectively.
  • Rental discounts hit their lowest levels since 2015. Thirty-six percent of rental listings were discounted in July, marking the lowest share of discounts seen since August 2015.
  • Manhattan’s sales stagnated, except at the bottom. Median resale prices were essentially unchanged year-over-year at $1,160,295. Prices for the least expensive homes rose 5.8 percent since last year, while home prices in the luxury segment fell 3.7 percent.

July 2017 Key Findings – Brooklyn

  • Brooklyn rents hit a record high. Asking rents rose 1 percent to a record high of $2,453, the highest on StreetEasy record.
  • Share of rentals with a discount fell. 32 percent of rentals offered a discount in July 2017, down from 38 percent in July 2016 and peak levels in November 2016 (46 percent).
  • South and East Brooklyn rents grew the most. Rents were up 1.8 percent in South Brooklyn and 1.5 percent in East Brooklyn compared to this time last year.
  • Resale prices rose across Brooklyn. Median resale prices in Brooklyn rose 4 percent since last year to $758,349.

July 2017 Key Findings – Queens

  • Rents in Queens reached an all-time high. Median asking rents rose 1.3 percent year-over-year to $1,996, the highest on StreetEasy record.
  • A quarter of rentals were discounted in July. The share of rentals that were discounted fell to 26 percent, down from a high of 40 percent in November 2016.
  • Northeastern Queens heats up. Median asking rents in Northeastern Queens grew the most of any Queenssubmarket, up 4 percent since last year to $1,931.
  • Queens resale price growth outpaced Brooklyn and Manhattan. The median resale price in Queens rose 7.8 percent to $500,289.
  • Median resale prices rose the least in the Northwest Queens. Northwest Queens’ median resale price rose 3 percent year-over-year to $752,455, the highest price level of any submarket in Queens.

The complete StreetEasy Market Reports for ManhattanBrooklyn and Queens with additional neighborhood data and graphics can be viewed at streeteasy.com/blog/market-reports.

Region

July 2017
StreetEasy
Price Index

Year-
over-Year
Change

July 2017
StreetEasy
Rent Index

Year-
over-Year
Change

Share of
Rentals
Discounted

Manhattan

$1,160,295

0.2%

$2,980

0.2%

36%

All Downtown

$1,727,585

0.4%

$3,627

0.3%

36%

All Midtown

$1,221,696

-0.7%

$3,060

-0.4%

35%

All Upper East Side

$1,031,994

0.8%

$2,648

1.1%

35%

All Upper Manhattan

$480,415

-1.2%

$2,197

2.2%

30%

All Upper West Side

$1,116,871

1.8%

$3,048

-0.4%

40%

Brooklyn

$758,349

4.0%

$2,453

1.0%

32%

North Brooklyn

$1,129,769

-0.6%

$3,079

0.9%

40%

Northwest Brooklyn

$1,160,801

6.6%

$2,868

-0.1%

33%

Prospect Park

$919,357

-7.5%

$2,558

-0.5%

27%

South Brooklyn

$713,906

10.7%

$1,768

1.8%

25%

East Brooklyn

$662,310

-0.7%

$2,309

1.5%

32%

Central Queens

$502,597

9.6%

$1,949

0.4%

27%

Northeastern Queens

$551,174

5.8%

$1,931

4.0%

21%

Northwestern Queens

$752,455

3.1%

$2,069

1.0%

27%

Queens

$500,289

7.8%

$1,996

1.3%

26%

South Queens

$489,357

6.6%

NA

NA

12%

The Rockaways

$457,193

8.3%

NA

NA

13%