New York City

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

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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