The peak season for rent cuts in New York City is now. However, this peak season isn’t typical because rental demand is so atypically high. The result of this high demand in October 2019? New record high rental rates, according to StreetEasy’s Rent Index. Take a look:
- Brooklyn – +4.3% to $2,720.month
- Queens – +3.4% to $2,202/month
- Manhattan – +3.1% to $3,315/month
Nancy Wu, StreetEasy’s economist, said, “The spike in demand for rentals we’re seeing this year means that landlords don’t have to work as hard to attract a tenant this winter season. 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.”
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Check out each of these three boroughs:
Manhattan – rents are at an all-time high at $3,3415/month, an increase of +3.1%
- Rents in Manhattan’s Upper West Side submarket rose the most at $3,415/month, an increase of +3.0%
- The share of rent cuts was the highest in the City but still flat over last year at 23.4%.
- Landlords in the Upper East Side offered the fewest discounts at 21.7%
- Median asking price for a one-bedroom rental jumped +9.1% to $3,438/month.
- Rents rose the most in Downtown Manhattan, the borough’s most expensive submarket, to $3,900/month or +8.3/
- According to StreetEasy’s Manhattan Price Index, home prices fell -4% to $1,095,089.
- The Upper Manhattan submarket in this borough is the least expensive with median prices dropping -6.6% to $619.016, the most significant price drop in the borough in five years, save July 2019.
Brooklyn – rents in this borough rose the fastest in the City
- Rents rose +4.3% to $2,720 in October 2019.
- The North Brooklyn submarket rose the most…+4.3% to $3,208/month.
- The share of rent cuts dropped -3.1% to 17.0%, the least percentage of price cuts since 2014.
- North Brooklyn’s one-bedroom rents surged +19.1% to $3,200/month. This was likely due to this submarket returning to “normal” once the cancellation of the L-train shutdown was announced.
- Home prices in this borough remained unchanged at $702,517.
Queens – record high rents at $2,202, an increase of +3.4% from October 2018
- Rents increased +3.2% in Central Queens to $2,162, the largest increase in this borough.
- Less than one in five rental units were discounted.
- One-bedroom rental units increased by +3.9% to a median asking rent of $1,975/month.
- Home price growth stagnated at $507,921.
- Queens had the fewest price cuts in the City – down -1.2% to 12.4%, the lowest share of all boroughs analyzed by
Thanks to StreetEasy’s Emily McDonald for source data.
Also read: 8.3M First-Time Buyers On Their Way into the Market, Are Low Rates & Rising Incomes Transforming Housing Affordability?, Trouble Brewing in These Markets?
