NYC Rents Hit an All-Time High in July as Concessions Plunge - NBC New York

NYC Rents Hit an All-Time High in July as Concessions Plunge

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    NEWSLETTERS

    A few months ago, StreetEasy put out a study on the New York City neighborhoods where recent college graduates can actually afford to live. The real estate site took a look at median entry-level income for jobs in New York to determine the neighborhoods with the most budget-friendly housing options.

    (Published Wednesday, Aug. 30, 2017)

    It's not just you -- it really is more expensive to live in New York City than ever before.

    Rents hit an all-time high in July in Manhattan, Brooklyn and Queens, while rental discounts fell sharply, StreetEasy said Wednesday. 

    Median rents hit $2,980 in Manhattan, $2,453 in Brooklyn and $1,996 in Queens, the real estate service said in its monthly report.

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    The most expensive single region was downtown Manhattan, while the cheapest (relatively speaking) was south Brooklyn. 

    "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," StreetEasy senior economist Grant Long said in a statement.

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    In Manhattan, rents rose in every neighborhood except midtown and the Upper West Side. Prices rose everywhere in Brooklyn except the northwest section and Prospect Park.

    Queens rents rose across the board, with no year-over-year declines.

    The report also noted a sharp decline in discounts and other concessions, falling to a two-year low in Manhattan in particular. 

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