NEW YORK, Aug. 30, 2017 /PRNewswire/ -- Despite a slowdown in the growth of rents, high summer demand pushed rents across Manhattan, Brooklyn and Queens to record highs in July. Queens median rents rose the most across the three boroughs, up 1.3 percent from last July to $1,996, according to the July 2017 StreetEasy (R) Market Reportsi.
Brooklyn rents rose at roughly the same pace as Queens, up 1 percent to $2,453ii, while rents in Manhattan grew just 0.2 percent over the prior year, but also hit a record high of $2,980. Queens offered the smallest share of rental discounts: Only 26 percent of rentals in Queens received a discount in July, compared to 32 percent in Brooklyn and 36 percent in Manhattan. This is down from a high of nearly 50 percent last fall in Brooklyn and Manhattan, and down from a 40 percent high in November in Queens.
"A mix of rising rents and fewer discounts or concessions from landlords shows signs of stabilization after a weaker rental market last year," said StreetEasy Senior Economist Grant Long. "While welcome news for landlords, renters planning on signing a new lease before summer ends should expect limited negotiating power and will need to act fast. This is especially true in the city's least expensive neighborhoods in Brooklyn, Queens, and Upper Manhattan; all of which have risen dramatically in popularity over the past year."
July 2017 Key Findings - Manhattan
July 2017 Key Findings - Brooklyn
July 2017 Key Findings - Queens
The complete StreetEasy Market Reports for Manhattan, Brooklyn and Queens with additional neighborhood data and graphics can be viewed at streeteasy.com/blog/market-reports.
Region |
July 2017 |
Year- |
July 2017 |
Year- |
Share of |
Manhattan |
$1,160,295 |
0.2% |
$2,980 |
0.2% |
36% |
All Downtown |
$1,727,585 |
0.4% |
$3,627 |
0.3% |
36% |
All Midtown |
$1,221,696 |
-0.7% |
$3,060 |
-0.4% |
35% |
All Upper East Side |
$1,031,994 |
0.8% |
$2,648 |
1.1% |
35% |
All Upper Manhattan |
$480,415 |
-1.2% |
$2,197 |
2.2% |
30% |
All Upper West Side |
$1,116,871 |
1.8% |
$3,048 |
-0.4% |
40% |
Brooklyn |
$758,349 |
4.0% |
$2,453 |
1.0% |
32% |
North Brooklyn |
$1,129,769 |
-0.6% |
$3,079 |
0.9% |
40% |
Northwest Brooklyn |
$1,160,801 |
6.6% |
$2,868 |
-0.1% |
33% |
Prospect Park |
$919,357 |
-7.5% |
$2,558 |
-0.5% |
27% |
South Brooklyn |
$713,906 |
10.7% |
$1,768 |
1.8% |
25% |
East Brooklyn |
$662,310 |
-0.7% |
$2,309 |
1.5% |
32% |
Central Queens |
$502,597 |
9.6% |
$1,949 |
0.4% |
27% |
Northeastern Queens |
$551,174 |
5.8% |
$1,931 |
4.0% |
21% |
Northwestern Queens |
$752,455 |
3.1% |
$2,069 |
1.0% |
27% |
Queens |
$500,289 |
7.8% |
$1,996 |
1.3% |
26% |
South Queens |
$489,357 |
6.6% |
NA |
NA |
12% |
The Rockaways |
$457,193 |
8.3% |
NA |
NA |
13% |
About StreetEasy
StreetEasy is New York City's leading local real estate marketplace on mobile and the web, providing accurate and comprehensive for-sale and for-rent listings from hundreds of real estate brokerages throughout New York City and the major NYC metropolitan area. StreetEasy adds layers of proprietary data and useful search tools to help home shoppers and real estate professionals navigate the complex real estate markets within the five boroughs of New York City, as well as Northern New Jersey and the Hamptons.
Launched in 2006, StreetEasy is based in the Flatiron neighborhood of Manhattan. StreetEasy is owned and operated by Zillow Group (NASDAQ: Z and ZG).
StreetEasy is a registered trademark of Zillow, Inc.
i The StreetEasy Market Reports are a monthly overview of the Manhattan, Brooklyn and Queens sales and rental markets. Every three months, a quarterly analysis is published. The report data is aggregated from public recorded sales and listings data from real estate brokerages that provide comprehensive coverage of Manhattan, Brooklyn and Queens with more than a decade of history for most metrics. The reports are compiled by the StreetEasy Research team. For more information, visit http://streeteasy.com/blog/market-reports/. StreetEasy tracks data for all five boroughs within New York City, but currently only produces reports for Manhattan, Brooklyn and Queens.
ii Similar to the StreetEasy Price Indices, median rents are measured by the StreetEasy Rent Indices. By including only valid and verified listings from StreetEasy and employing a repeat rentals approach, the indices emphasize the changes in rent on individual properties and not between different sets of properties. Full methodology here: http://streeteasy.com/blog/methodology-price-and-rent-indices/
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SOURCEStreetEasy