August 2015 NYC Rental Market Report:
Manhattan rental prices continued to rise, driven higher by a strong city economy and tight credit conditions. Median rents have increased for 18 consecutive months to the third highest level on record. With lower supply, fewer landlord concessions and faster market times, we expect little relief for renters in the coming months.
Rental prices in Brooklyn pushed higher as the residential market continued to boom. Median rent set a new record in each of the last three months. Average rent and rental price per foot set new records as well. Limited supply, negotiability and use of landlord concessions are among the key reasons rents continued to rise. We anticipate more of the same conditions through the fall season.
Rental prices in the northwest Queens market were stable after several months of volatility. Studio and two-bedroom apartments showed the most strength with gains in both prices and the number of new rentals. Market trends continued to be influenced by the variety of new development apartments entering the market.