MANHATTAN After a two-year streak of year over year rent
growth came to an end last month, median
rental price edged higher in April, perhaps
suggesting a more “choppy” market over the
next year. Median rental price edged 1.4%
higher to $3,415 from the same period a year
ago. Average rental price followed the same
pattern, rising 1.5% to $4,119 over the same
period. Price trends across all size categories
showed inconsistency, with 1-bedroom and
2-bedroom median rental prices moving higher
and studios and 3 or more bedrooms moving
lower…

BROOKLYN For the fourth consecutive month, Brooklyn
median rental price increased on a year over
year basis. The April median rent was $2,780,
up 0.9% from the same period last year. Average
rental price followed the same pattern, rising
1.5% to $3,054. There were more rental price
gains seen in smaller apartments. Despite the
weakening price trend with larger apartments,
the luxury market posted a 3% rise to $5,345
from the same period last year. New development
rental median rent slipped 0.9% to $3,286 over
the same period. Overall inventory expanded
16.1% to 1,915 as the use of concessions by
landlords nearly doubled to a market share of
6.5% respectively from the same month a year
ago…

QUEENS Rental market price trends in northwest
Queens continued to show weak results as
median rental price slipped for the fourth
month of the past five months on a year over
year basis. Median rental price slipped a
nominal 0.4% to $2,735 from the same period
a year ago. Year over year declines in median
rent were seen across all size categories, with
the largest declines skewed to the upper end
of the market…