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NYC Rental Market Update 2018 06 15

April 2018 Key Findings — Manhattan

  • Rental discounts rose the most in Midtown. Eighteen percent of apartments in Midtown are offering discounts, an increase of 3.0 percent year-over-year. Rent cuts fell in three submarkets: dropping 1.8 percent in the Upper West Side, 0.4 percent in the Upper East Side and 1.6 percent in Downtown Manhattan.
  • Manhattan home prices rose. The StreetEasy Manhattan Price Index[iii] increased 1.0 percent to $1,173,435. After a period of falling prices, the Upper East Side StreetEasy Price Index increased 3.8 percent since last year to $1,059,064.
  • Manhattan homes offered the most price cuts. In the borough, 15.5 percent of homes had their prices cut, a 4.6 percent increase over last year.
  • Sales inventory rose by double digits. Inventory grew 12.4 percent since last year. The Upper East Side saw the biggest increase: up 14 percent year-over-year.
  • Manhattan homes spent longer on the market. The median days on market increased to 61 days in Manhattan – up three days since last year. Homes in Downtown Manhattan spent 67 days on the market – up 12 days since last year. Homes in the Upper West Side spent three less days on the market, as buyers took advantage of previously falling prices and discounts.

April 2018 Key Findings — Brooklyn

  • Rents stagnated and discounts rose in North Brooklyn. North Brooklyn was the only submarket that didn’t see a change in rent prices since last year. The StreetEasy North Brooklyn Rent Index remained unchanged since last year at $3,041. Twenty-two percent of rentals in North Brooklyn were discounted, a 4.1 percent increase over last year.
  • Prospect Park rentals offered the fewest discounts and tightest inventory. Rents in Prospect Park grew by 1.3 percent since last year to $2,635. Just 12 percent of rentals in Prospect Park had their prices cut – a 2.6 percent annual decrease. Rental inventory dropped the most of any submarket: down 25.7 percent year-over-year.
  • Sales prices stagnated. The StreetEasy Brooklyn Price Index remained unchanged since last year at $741,705.
  • Sales inventory at an all-time high. Inventory increased 22 percent since last year to a new high.
  • Price cuts are up. Compared to last year, 10.8 percent of homes in Brooklyn had their price cut, which is a three percent increase year-over-year. Northwest Brooklyn saw the highest share of price cuts at 13.3 percent.
  • Prices rose in North Brooklyn, despite L train shutdown. Prices rose 12.4 percent in North Brooklyn, reaching $1,139,559 and making it the borough’s most expensive submarket. Prices in Northwest Brooklyn fell the most in the borough: down 9.1 percent to $1,097,873.

April 2018 Key Findings — Queens

  • Rents dropped across Queens but rose in Central Queens. Rents in Queens dropped 1.0 percent year-over-year to $2,109. In Central Queens, rents rose 2.0 percent over last year to $2,082.
  • Sales prices rose across Queens. The StreetEasy Queens Price Index reached $526,113, a 7.0 percent increase over last year. Prices grew the most in Central Queens: up 8.4 percent to $520,353.
  • Sales inventory rose across the borough, reaching a new high in Northwest Queens. The amount of homes on the market increased in Queens by 49 percent year-over-year. Central Queens inventory rose by 45.2 percent, while Northwest Queens inventory rose 33.5 percent – reaching a new high.
  • The number of homes offering price cuts rose ahead of home shopping season. Nine percent of homes for sale in Queens offered price cuts – a 3.0 percent increase over last year. All submarkets experienced an increase in discounts, with Northwest Queens homes offering the most at 16.2 percent, a 7.3 percent increase year-over-year.

Source: StreetEasy Data April 2018