DataMarkets & Economy

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.

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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. Manhattan rentals went up in price, while Brooklyn and Queens new lessees benefitted from a break in rent last month, the report says. Once again, Manhattan came in as the most expensive borough. Rental inventory increased in each borough since July 2015. Manhattan led in new apartment inventory year-over-year, at 30.3 percent, followed by Brooklyn, at 29.6 percent. Meanwhile, Queens’ rental inventory jumped 15.1 percent. Manhattan Looking closer at Manhattan, Douglas Elliman data shows median rental price is up 0.9 percent since last July, reaching $3,450 per month. Despite the slight surge, price growth has been overall slow so far this year, the report shows. Douglas Elliman report Non-doorman rents increased faster than doorman rents,...