Rental prices increased slightly over the course of the year in Studio, 1 & 2 bedrooms, but they decreased for 3 bedrooms. There was greater demand for smaller rental units with 0-2 bedrooms compared with those with 3 or more bedrooms and for units in more affordable neighborhoods including Queens, Brooklyn and The Bronx. Rental prices also softened due to a surge in inventory. The median rent in NYC is $3,500 and is 67% higher than the national median.

Manhattan

Prices have steadily increased in Manhattan over the year for studios, 1-bed and 3-bed apartments. 2-bed apartment pricing peaked through the spring and summer and are dropping as we head into winter. Over the last 3 months, the average rental price in Manhattan decreased by 0.22%, but most of this came from softer price trends in luxury buildings representing the top 10% of all rentals. The Median rent is $4,200, a 3.4% decrease from last year.

Brooklyn

Though pricing has slowly been creeping up over the year for studio, 1 & 2 bed apartments, we are seeing a decrease year over year for rents in Brooklyn. 3-beds took a steep increase over the summer as more families were looking for housing, and prices have remained high. The average rental price in Brooklyn has however decreased by 0.26% due to a surge in listing inventory in Brooklyn. Median rent is $3,650, a 1.4% drop since last year.

Apartment Options

Ava Fort Greene

• Studio
• Sq Ft: 496
• Rent: $3,165

237 Duffield

• 1 br/1 ba
• Sq Ft: 646
• Rent: $3,400

The Aspen

• 2 br/2 ba
• Sq Ft: 886
• Rent: $4,200

One Columbus Place

• 3 br/2 ba
• Sq Ft: Not listed
• Rent: $8,400