DataMarkets & Economy

Rent growth in New York City slows down

StreetEasy predicts Downtown Manhattan rental prices to see the most growth in 2017
  • Median rent in Manhattan increased at half the pace it did through August 2015.
  • Brooklyn's median rent increased 1.9 percent annually, which is the slowest since December 2010.
  • Rent in East Brooklyn increased 5 percent annually, higher than any other submarket.

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Although 2015 was a banner year for growth in some New York City submarkets, 2016 is not staying on the same track. A new StreetEasy report shows that rent prices have slowed to nearly half the pace of the same time last year in parts of the city. “The rental market was much calmer this summer than in years past. Though rent prices in Manhattan have been rising, this is mainly due to demand at the bottom of the market. Rentals in Brooklyn are following a similar pattern as competition for rentals at the lower end of the market remains tight," Krishna Rao, economist at StreetEasy, said in a press release. "However, a surplus of luxury units may give negotiating power to those looking within this higher price point.” <a href='http:&#47;&#47;;blog&#47;august-2016-market-reports&#47;'><img alt='Rent Growth ' src='http:&#47;&#47;;static&#47;images&#47;Au&#47;Aug2016MarketReport&#47;...