Manhattan and Brooklyn rents increase at half their 2015 paceStaff Writer | September 30, 2016
Manhattan's median rent increased 2.9 percent year-over-year to $3,320, half the pace of growth at this time last year (5.8 percent).
New York The slowest annual growth in Brooklyn
East Brooklyn's rent increased 5 percent, which was the most of any submarket in either borough.
Luxury rentals are slowing to a 2010 rate of price growth with 2.2 percent price growth in Manhattan and 2.7 percent growth in Brooklyn.
Homes in Northwest Brooklyn stayed on the market the longest at a median of 26 days. Homes in Upper Manhattan rented the fastest at 21 days.
While sales price growth in Manhattan and Brooklyn has been slowing over the past year, the rental market is starting to follow suit, with the luxury market leading the way.
Overall, median rents in both Manhattan and Brooklyn continue to increase as of last month, but grew at only half their 2015 pace, according to the August 2016 StreetEasy Market Reports.
In August, Manhattan's median rent increased 2.9 percent to $3,320, according to the StreetEasy Rent Indicesii. At this time last year, rents increased 5.8 percent year-over-year in Manhattan.
The Midtown and Downtown submarkets experienced the greatest annual increase in rent, at 3.2 percent and 3.1 percent, respectively. Upper Manhattan and the Upper West Side had the smallest rent growth at 2.6 percent and 2 percent, respectively.
Brooklyn's median rent increased 1.9 percent year-over-year to $2,932, the slowest annual growth since December 2010 and less than half the year-over-year growth recorded in August 2015 (4.7 percent).
East Brooklyn's median rent rose 5 percent - the greatest increase in rent among submarkets in both boroughs. ■