Friday, April 19, 2019

Thank You, Federal Reserve: New York City Rents Hit All-Time High

Rental prices for apartments in Manhattan, Brooklyn and Queens hit an all-time high in the first quarter, according to StreetEasy.

The StreetEasy Manhattan Rent Index  reached a new peak for any first quarter at $3,217, while rents in Brooklyn and Queens reached all-time highs of $2,608 and $2,173, respectively.

“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. “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.”

According to Douglas Elliman, a New York real estate brokers, the median rental price for apartments in Manhattan was up 3.3 per cent in the first quarter, to $3,400.


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