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

  • 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. Listing inventory in Manhattan rose 20.9 percent from last year, up to 6,186 units on the market from 5,117 last March. Last month represented a 0.6 percent rise in listing inventory from February, when there were 6,151 units on the market. The number of new leases dropped month-over-m...