News

NYC Rents Are Still High, But Price Growth Slows to a Crawl, Report Finds

(DNAINFO)  Amy Zimmer | October 24, 2017 — There’s some good and bad news for renters.

Bad news: Rents reached all-time highs in the third quarter of 2017, according to a report released Tuesday from StreetEasy focusing on Manhattan, Brooklyn and Queens.

Good news: Price growth is finally slowing down to a crawl, researchers at the real estate search engine found.

Prices have fallen in a couple of areas and soon they might dip across the city, said the report’s author and StreetEasy senior economist Grant Long.

“If current patterns continue, rents across the board will likely fall as new units coming onto the market are forced to compete with leftover summer inventory during one of the slowest times of the year,” Long said.

Brooklyn rents barely budged from the same time a year ago, edging up a mere 0.6 percent to $2,460 a month for the borough’s median. Last year, for instance, rents were up 1.6 percent from the year before, which was three times faster than this year’s anemic pace, StreetEasy found.

Queens and Manhattan hardly saw any growth either, each inching up 0.7 percent. The median rent was $1,991 a month in Queens and $2,989 a month in Manhattan.

Source: NYC Rents Are Still High, But Price Growth Slows to a Crawl, Report Finds – Upper East Side – New York – DNAinfo