Apartment Rents Fall in Manhattan and Brooklyn
May 2, 2017
Apartment rents dropped in both Manhattan and Brooklyn in the first quarter of 2017, according to the Q1 2017 StreetEasy Market Reports.
“A surge in new construction, particularly at the high end of the market, has had a ripple effect throughout the market and pushed down rents across the city, particularly in Brooklyn,” said Grant Long, senior economist for StreetEasy.
– In Brooklyn, the median rent for an apartment fell 4.2% compared to last year, and has dropped steadily since last fall, reaching its lowest point since the third quarter of 2013.
– In Manhattan, the median rent for an apartment fell 1% compared to last year, and has dropped steadily since last fall.
– Upper Manhattan, the only Manhattan submarket where the median rent rose, was up 3.2% year-over-year, though most of that growth happenned in 2016, just before the opening of the new 2nd Ave Subway.
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