MANHATTAN Consistent with the declining vacancy rate, the Manhattan rate of rental price growth has steadily increased over the past 5 months. Tight mortgage underwriting standards and an increase in city employment levels continue have helped press rental prices higher. For the 5th consecutive month, the median rental price rose from the year ago period at a higher rate.
BROOKLYN While the Brooklyn rental price has seen year-over- year gains for the past 14 months, rents have showed stability since the beginning of the year. Rental price gains were seen across the studio and 1-bedroom markets with more mixed results in the larger size categories. Median rental price for the overall market expanded 6.6% to $2,852 from the same month last year.
QUEENS Median rental price increased for the 5th time in the last 6 months. The decline observed in the prior month’s report had reflected a surge in 1-bedroom rental activity. Median rental price increased 10.5% to $2,646 from the same month last year.