Manhattan, Queens see record cuts in asking rents: Report

Real estate site StreetEasy looked at rent cuts across the city during the last quarter of 2017, and many boroughs benefited from price drops.
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Asking rents in Manhattan, Queens and Brooklyn saw some dramatic cuts at the end of 2017. Photo: iStock

Looking for an apartment in Manhattan, Brooklyn or Queens? If so, you're in luck, as those boroughs have seen record rent cuts, according to StreetEasy.

 

Asking rents for apartments in those boroughs saw dramatic price cuts at the end of 2017, according to StreetEasy’s latest quarterly analysis, released Thursday. Manhattan and Queens, in particular, saw the highest levels of price cuts on StreetEasy's record.

 

Nearly 35 percent of Manhattan rentals and 28 percent of Queens rentals received price cuts at the end of last year. Twenty-eight percent of rentals in Brooklyn also saw cuts — just below the borough’s record of 29 percent from the fourth quarter of 2016.

 

Overall between October and December of 2017, rents in Manhattan rose just 0.1 percent, or $5, to a median of $3,125. While more than a third of all Manhattan units saw slashed asking rent, some neighborhoods saw more. Fifty-seven percent of units in Stuyvesant Town/Peter Cooper Village, 54 percent in Morningside Heights and 45 percent in Lincoln Square saw cuts.

 

Luxury home prices even dropped in Manhattan, with the island’s most expensive homes falling by 1.9 percent since last year to a median of $4,238,027. Nearly a quarter of luxury units in the Upper West Side had reduced prices as well, compared to 17 percent last year.

Median rents in Queens dropped 1.3 percent to $2,066 and cuts to asking rents skyrocketed, with landlords slashing asking rents on 28 percent of units at the end of 2017, up 2 percent from the year before.

In Brooklyn, rents did go up slightly, but at the slowest pace on record, according to StreetEasy. Median rents rose just 0.4 percent to $2,524, the slowest rate StreetEasy has recorded for the borough.

Out of any Brooklyn neighborhood, Prospect Park saw rents drop the most, falling 0.9 percent to $2,619. And though the borough didn’t surpass its record for rent cuts, some neighborhoods did particularly well. Rent cuts were most common in Downtown Brooklyn at 46 percent, Dumbo at 43 percent and Cobble Hill at 36 percent. 

 
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