Manhattan rents hit two-year low in March; Queens also dips

Douglas Elliman report contrasts lows and highs across the New York City rental market
  • The average rent in Manhattan represents a 3.3 percent fall from March 2015, when price was $4,126 on average.
  • Before March, Manhattan rents were on a twenty-four month upward drift.
  • Queens, too, softened in average pricing, with a 3 percent month-over-month decrease and a 2.1 percent year-over-year drop.
  • Brooklyn’s average rent prices were the only to rise in March both monthly and annually.

The average rental price in Manhattan fell to $3,989 per month in March, a 1.1 percent drop from the month prior and a two-year low for the borough, says Douglas Elliman’s March 2016 rental report, prepared by Miller Samuel, Inc.