MANHATTAN —There’s some good and dangerous information for renters.
Dangerous information: Rents reached all-time highs within the third quarter of 2017, based on a report launched Tuesday from StreetEasy specializing in Manhattan, Brooklyn and Queens.
Excellent news: Worth progress is lastly slowing right down to a crawl, researchers at the actual property search engine discovered.
Costs have fallen in a few areas and shortly they could dip throughout the town, stated the report’s writer and StreetEasy senior economist Grant Lengthy.
“If present patterns proceed, rents throughout the board will doubtless fall as new models coming onto the market are pressured to compete with leftover summer time stock throughout one of many slowest occasions of the yr,” Lengthy stated.
Brooklyn rents barely budged from the identical time a yr in the past, edging up a mere zero.6 % to $2,460 a month for the borough’s median. Final yr, for example, rents have been up 1.6 % from the yr earlier than, which was 3 times quicker than this yr’s anemic tempo, StreetEasy discovered.
Queens and Manhattan hardly noticed any progress both, every inching up zero.7 %. The median lease was $1,991 a month in Queens and $2,989 a month in Manhattan.
“Whereas rents stay excessive, they’re rising at a snail’s tempo. A part of this may be attributed to the onslaught of latest development driving up competitors amongst landlords, however finally there’s a restrict to what renters are prepared to pay,” Lengthy stated.
“After years of progress, rents within the metropolis might have reached the height of what New Yorkers can afford,” Lengthy added.
Excessive-finish leases in Brooklyn and Queens particularly have been seeing costs stagnating and even dropping, Lengthy stated.
North Brooklyn — which incorporates the neighborhoods of Williamsburg and Greenpoint — was the borough’s solely space to see rents decline, dropping zero.5 % since final yr to $three,067 a month.
This space was additionally No. 1 when it got here to cost cuts: almost a 3rd of rental listings noticed reductions from the unique asking worth.
Greater than 1 / 4 of all leases within the Queens neighborhoods of Ridgewood, Corona and Clearview provided reductions, StreetEasy discovered.