Strong Demand Pushes Up New York City Rents, According to StreetEasy
If you live anywhere other than New York City and think you pay a lot in rent, read on. This story may actually make you feel better.
Ahead of peak rental season, apartment shoppers can expect to see slightly higher rent prices than last year, particularly in areas with lower-priced homes, according to New York City real estate marketplace StreetEasy’s April 2018Market Reports.
However, those searching for rentals at higher price points and in areas of the city with large quantities of new development are likely to have greater negotiating power.
In Manhattan, rents increased in all submarkets, and rose 0.9 percent borough-wide to $3,159 per month, according to the StreetEasy Manhattan Rent Index.
In Upper Manhattan, where rents are the lowest of any submarket in the borough, rents increased the most: up 3.0 percent to an all-time high of $2,313.
The StreetEasy Rent Index in Brooklyn also rose year-over-year and is up 1.3 percent (or $33) to $2,559.
North Brooklyn was the only submarket where rents did not increase; prices there remained unchanged since last year.
In Queens, rents declined for the seventh straight month and are down one percent (or $18) since last year to $2,109, driven in large part by large volumes of new construction in Long Island City and Flushing.
That’s right, more than Two Grand a month to live in Flushing, Queens. Feel better now?
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