Increased rental inventory in New York City helps soften prices

  • 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.