Across the city, rents have risen to historic highs.
While the sales market has softened, many New Yorkers are opting to remain renters in hopes of waiting for the perfect deal. Landlords have taken notice of the increased demand and have responded with increased rents.
According to data from StreetEasy, the median asking rent has risen to $3,217 in Manhattan, $2,608 in Brooklyn, and $2,173 in Queens. North Brooklyn is one area that has seen a decline, with rents slipping to $3,061 on average. There has also been a decline in the percentage of units where landlords are offering discounts on rents.
New York is in the midst of a growing economy, according to an analysis by NYC Comptroller Scott M. Stringer. In Q4 2018, employment in the City grew at its fastest rate in the last four years. The city’s private sector added 34,000 jobs, but over half of these jobs were in low-wage industries. Rents are expected to rise by 2% to 3% this summer, adding to the city’s affordable housing crunch.