Skip to main content

New York City Rents at Record Highs

Phil Hall
Apr 18, 2019
Photo credit: Getty Images/krblokhin

Living in the Big Apple has become a lot more expensive for renters, according to the latest StreetEasy Market Reports.
 
Rents in Manhattan hit a new peak in the first quarter at $3,217, up 2.6 percent from one year ago. Across the East River, Brooklyn rents hit a new high at $2,608, up 2.2 percent from last year, while Queens rents also peaked at $2,173, up 2.5 percent. Only one neighborhood in the city saw a rent decline in the first quarter: North Brooklyn, with an inventory oversupply that remained vacant as a result of the anticipated L train shutdown. But even that neighborhood was expensive: first quarter rents fell to $3,061, a 0.5 percent decline from one year earlier.
 
"We're coming out of an unusually competitive winter rental season in which many renters found themselves in a weaker negotiating position than in years past," says StreetEasy Senior Economist Grant Long. "As would-be buyers opt to embrace renting while sale prices are falling, the competition that new grads and other transplants entering the city's workforce would typically bring this time of year will be even more pronounced. This spring, landlords will have the upper hand, and renters should be prepared to move quickly to make sure they get a place they love."

 
Published
Apr 18, 2019
Angel Oak Layoffs Add To Growing List Of Non-QM Cuts

About 20% of its staff, or 75 people, were affected.

Industry News
Sep 28, 2022
Redwood Trust Names New Chief Investment Officer

Also announces planned CoreVest leadership transition to be completed on 3rd anniversary of acquisition

Industry News
Sep 27, 2022
Fannie Mae Pilot Program Seeks To Help Improve Renters' Credit

Renters, including historically underserved groups, will benefit from paying on time each month.

Industry News
Sep 27, 2022
Suffolk County Data Breach Puts Contracts On Back Burner

Cyberattack beginning Sept. 8 prevents title services from closing loans.

Tech
Sep 27, 2022
Nations Lending Opens Another Branch In Arizona

New Scottsdale branch welcomes Arizona native Christine McConnell as lead personal mortgage advisor.

Industry News
Sep 26, 2022
Nominations Open For Industry Titans Award

NMP Magazine to honor people who represent industry with professionalism.

Industry News
Sep 23, 2022