Photo: Robert Clark
NYC rents remained cool in November, as rental prices recorded only slight decreases from the previous month.
And after a period of inflated prices over the past summer, New Yorkers should expect to see rental prices be corrected as we head into the New Year, according to a recently released report by New York brokerage MNS.
Over the last month, the average price of a Manhattan rental decreased 0.63 percent to $3,919. Manhattan rents were down 0.38 percent year-over-year in November, although many larger drops were recorded in submarkets with low inventory levels.
Average rents dropped 10.2 percent annually in the Tribeca neighborhood In November, one of Manhattan’s most expensive and in-demand areas. Meantime, rents jumped 8.6 percent in Harlem, one of Manhattan’s most affordable neighborhoods.
At the same time, Brooklyn rents fell 0.8 percent from the previous month in November, and 0.78 percent in Queens.
Over the last year, rents have fallen in many of Brooklyn’s most desirable neighborhoods, Williamsburg (-0.82 percent), DUMBO (-2.71 percent), and DoBro (-.98 percent). Meanwhile, the up-and-coming Bushwick neighborhood recorded annual gains of 1.61 percent.
Although average rents were down on a monthly basis in Queens, rents were up annually. Neighborhoods that saw the largest increases were Flushing and Long Island City, at 16.20 percent and 5.53 percent, respectively.
The gains recorded in both neighborhoods can be attributed to the large number of new construction units that came onto the market over the last year, says MNS in the report.
Finishing out the fourth quarter of 2017 and heading into the new year, NYC rents are expected to cool even further.
“As we continue to make our way through the traditional slow point for the NYC rental market, rental prices are expected to continue their slight correction from over the summer,” says MNS in the report.
Click here to read the entire report.