City Rents Continue Skyward
The overall rent trend across the city is unmistakably upwards, according to MNS Real Estate’s monthly survey.
The rise is punctuated by a whopping 23% increase in Harlem (pictured: 140 W 124th Street) and an 11% hike in Boerum Hill in the past year.
For Manhattan, rents increased 1.63% to $3,824 in November, a 0.7% gain in 12 months. The exception is the East Village, which has seen rents drop 10.7% to $3,207. On the inventory front, 344 new units hit Midtown East and 258 apartments came off the market in Murray Hill.
Brooklyn experienced a mild downshift from October to November, although studios in Boerum Hill, Cobble Hill and Greenpoint--but not Dumbo--are renting at higher prices. Williamsburg’s desirability continues apace with development, which brought 83 units to market. In the past year, rent has fallen 7.8% in Williamsburg (pictured: 247 Bedford Ave, future site of the Apple Store) to $3,129. But most neighborhoods are experiencing a positive year-over-year change.
Queens tells a similar story, with the market picking up over the past month. Rent prices increased 1.02% in November to $2,118, and listing inventory jumped 21% to 768 units. The two hotspots, Long Island City and Astoria, and rents in the former are expected to jump again as new developments come to market.