News

Manhattan Sees Decline in Residential Rent Prices While Queens Soars

(DNAINFO)  Ben Fractenberg | August 20, 2017 — Manhattan saw its largest yearly decline in median “net effective” residential rents in three-and-a half years last month, while average rents in northwest Queens shot up more than 8 percent compared with the same period in 2016, according to a survey released Thursday by Douglas Elliman Real Estate.

Net effective rent is the price after a landlord concession — such as a free month’s stay — so it tends to be lower than the average price of listings.

Overall, the median rental price in Manhattan remained unchanged compared with 2016 at $3,450, while the per-square-foot average slipped slightly, down 0.2 percent, to $66.28, the report showed. The slide was driven mainly by a price decline in luxury doorman buildings.

The median rental price in northwest Queens was $2,998, which was $203 more than Brooklyn’s median rent. Rental price per square foot saw the largest increase, up more than 10 percent to $52.47.

Brooklyn also saw a small decline in the median rental price compared with 2016, with prices down slightly more than 1 percent to $2,795.

Source: Manhattan Sees Decline in Residential Rent Prices While Queens Soars – Midtown – New York – DNAinfo