In a world that often feels chaotic and like there is so much happening all the time, one thing remains consistent: Rents in New York City are still really, really high. (We said consistent, not good.)
The latest rental report from Douglas Elliman is out, covering January 2020, and it paints a rosy picture for the real estate market—and one that’s a little trickier for tenants. “The city’s rental market has been robust for many months, and that certainly has continued into 2020 so far,” Jonathan Miller, the real estate data whiz who prepared the report, said in a press release.
In terms of numbers, the median rent in Manhattan is up 5 percent year-over-year, with the face rent (i.e. without concessions baked in) sitting at $3,595/month. In Brooklyn, it’s $2,987/month, a YOY increase of 5.5 percent; in Queens, it’s $2,993/month, a 6.3 percent increase. (The number of new developments pushes those numbers up, but still, that’s high.) According to Elliman, the net effective rent in Manhattan hasn’t declined in more than a year. The number of concessions being offered is dropping in all markets, as is the number of new leases signed—a sign that landlords are getting better at keeping tenants on for longer leases.
One thing these numbers don’t take into account is, of course, the not-actually-happening-yet broker’s fee ban—how that could affect rents if it’s upheld in court remains to be seen.
Published by NY.Curbed.com