Markets & EconomyRentals

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.

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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. 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. From an annual standpoint, median rent prices sloped downward for the first time since March 2014 -- down 2.8 percent from March 2015 ($3,395), hitting $3,300 per month. Median month-over-month rent prices also fell, from $3,382 in February – a 2.4 percent negative shift. [graphiq id="dAeMZ56MjdP" title="Manhattan borough, NY Household Information" width="600" height="549" url="https://w.graphiq.com/w/dAeMZ56MjdP" link="http://places.findthehome.com/l/310525/Manhattan-borough-NY" link_text="Manhattan borough, NY Household Information | FindTheHome"] Listing...