What to Know
- Rent in New York City reached an all-time high last month, according to a new report from StreetEasy
- The October market reports from the real estate website shows that rents in Manhattan jumped 3% and rents in Queens rose 3.4%
- Home prices have dropped the most in Manhattan, according to StreetEasy, with as much as 4% overall and 6.6% just in Upper Manhattan
Rent in some parts of New York City reached an all-time high last month, according to a new report from StreetEasy.
The October market reports from the real estate website shows that rents in Manhattan jumped 3% and rents in Queens rose 3.4% compared to last year. That brought median prices in those boroughs to $3,315 and $2,202, respectively.
Rents rose the most on the Upper West Side, where the median rental apartment costs $3,415 a month now, the findings showed.
For Brooklyn, rents increased at their fastest pace since 2015. Rents in northern Brooklyn (Greenpoint, Williamsburg and East Williamsburg) increased the most, with median prices up more than 4 percent at $3,208.
Of all variations of apartment sizes measured, one-bedroom units rose the most in those boroughs, especially Manhattan — where an apartment that size in neighborhoods below midtown cost an average of $3,900.
StreetEasy says landlords are less likely to offer discounts than they normally would because they know that more people are choosing to rent as potential buyers wait for home prices to drop.
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“New Yorkers looking to sign a new lease this winter should expect tougher negotiations and fewer concessions, and should be prepared to move when they find the right apartment," StreetEasy Economist Nancy Wu said in the report.
Home prices have dropped the most in Manhattan, according to StreetEasy, with as much as 4% overall and 6.6% just in Upper Manhattan. In Queens, price growth has slowed down.
Brooklyn home prices were unchanged, according to the report.
