It’s hard out there for a renter.
Manhattan, Brooklyn and Queens all experienced increases in median rents, according to Douglas Elliman’s monthly rental report, which was released today.
In Manhattan, rental prices increased for the fifth consecutive month to a median of $3,205, the highest July price level in six years. The number of new rental units rose 7.2 percent to 4,938. Listing inventory fell 4.4 percent to 5,690 apartments, while the vacancy rate shrank from last summer’s 1.94 percent to 1.82 percent — the lowest July vacancy rate in five years. Smaller housing units demonstrated a higher year-over-year increase in rental price.
In Brooklyn, rental prices have been on the up-and-up for a record 14 consecutive months, with a median rent of $2,852. Compared to Manhattan’s 7.2 percent uptick in rentals, Brooklyn witnessed a whopping 127 percent year-over-year increase in new rentals, up to 892. However, Brooklyn’s rental rates last month were just $353 lower than Manhattan’s, compared to a difference of $500 in June.
In Queens, the median rental prices reached $2,646, a 10.5 percent increase from the previous July. New rentals climbed a hefty 136 percent to 203, particularly in new developments. About one out of four new rentals were located in recently developed buildings.