StreetEasy has published their October 2019 Market Reports recently. It shows that Rents have hit an all-time highs in Manhattan and Queens and Queens. Brooklyn has seen rents rise in its fastest pace since 2015. Furthermore the report indicates that renters are in a very competitive market with landlords giving less concessions as years past. The StreetEasy Market reports are a monthly overview of the Manhattan, Brooklyn and Queens sales and rental markets. The report data is aggregated from public recorded sales and listings data from real estate brokerages in New York City.
October had the highest amount of discounts for the year however the percentage of discounts was the lowest since 2015. StreetEasy reports “Brooklyn offered the fewest discounts, with only 17% of rentals getting a cut, a decrease of 3.1 percentage points from last October. In Queens, this figure fell to 18.1%, down 1.9 percentage points from a year prior. In Manhattan, 23.4% of rentals were discounted, down just slightly from last year (less than a percentage point). ” It should be noted that the lack of discounts affected rental prices. Brooklyn’s rents rose 4.3% to $2,720, Queens rents went up 3.4% to $2,202 and Manhattan increases of 3.1% to $3,315. All are record high rents.
StreetEasy economist Nancy Wu believes that the high demand for signing new leases is affecting landlord’s decisions in not giving out concessions. “The spike in demand for rentals we’re seeing this year means that landlords don’t have to work as hard to attract a tenant this winter season. New Yorkers looking to sign a new lease this winter should expect tougher negotiations and fewer concessions, and should be prepared to move when they find the right apartment.”
Below are some other key findings from the report per borough:
Manhattan: Median asking rents for 1-bedroom units increased significantly as it rose 9.1% to $3,438. Home prices in Manhattan dropped 4.0% to $1,095,039. The share of homes for sale with a price cut was 16.5%. This was the most significant drop in 5 years.
Brooklyn: The median asking rent for a 1-bedroom apartment in North Brooklyn jumped 19.1% to $3,200. Brooklyn home prices remained unchanged at $702,517.
Queens: Asking prices for 1-bedroom apartments increased 3.9% in Queens. The median asking rent jumped to $1,975. The borough had the fewest price cuts at 12.4% which was the lowest of all boroughs.
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