Increased rental inventory in New York City helps soften prices

Manhattan median rental price grew to the second highest level in eight years in July
  • Rental inventory increased in Manhattan, Brooklyn and Queens.
  • Last month’s median rent reached $3,450 per month in Manhattan.
  • Median rent in Queens is now just $58 less than median rent in Brooklyn.

Rent prices across the Big Apple moved in different directions last month, according to the Douglas Elliman rental survey for July. However, rental inventory showed a consistent upward trend in Manhattan, Brooklyn and Queens.