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Manhattan Rents Rise Faster Than Ever Before

Manhattan Rents Rise Faster Than Ever Before

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[Photo by Ianqui Doodle/Flickr]

Ready to be depressed? StreetEasy released a new Q3 report on home prices in Manhattan and Brooklyn (for both sales and rentals) and the data points to one thing: the rent in New York City remains too damn high. According to the report, the third quarter of 2015 saw the biggest year-to-year jump in Manhattan rent since StreetEasy started collecting data seven years ago. The median asking price for rent in Manhattan jumped 9.5 percent to $ 3,339. In Brooklyn, the price went up 1.5 percent to $ 2,600.

The jump in Manhattan rent was, not surprisingly, driven by one-bedroom units, which saw a 10.7 percent increase to $ 3,271, while studios went up 6.5 percent and two-bedrooms went up 9.7 percent. The price of three-bedrooms actually went down 3.6 percent.

While Brooklyn saw slower growth than Manhattan, four of its neighborhoods were in the top five with Canarsie seeing a whopping 33.3 percent increase. The next three are Bronwnsville (28.8 percent), Northeast Flatbush (26.3 percent), and Gowanus (23.1 percent). Several neighborhoods saw a decrease in prices: The five biggest were Upper Carnegie Hill in Manhattan (25.2 percent), Prospect Lefferts Gardens in Brooklyn (15 percent), Prospect Park South in Brooklyn (11.9 percent), Central Park South in Manhattan (3.4 percent), and Bath Beach in Brooklyn (2.9 percent).

When it comes to inventory, it’s a tale of two cities. Manhattan actually saw a 0.5 percent decrease in inventory. Brooklyn, meanwhile, saw a 10.2 percent increase.

The report didn’t just look at rentals. It also looked at home sales and the median Manhattan resale price was expected to be only $ 10,000 shy of $ 1 million in October. Brooklyn’s growth, however, exceeded Manhattan’s, with prices rising nine percent to a record high of $ 545,139.
· Q3 2015 Market Report [StreetEasy]

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