NYC Apartments Give Up the Rent Gains of Summer

More than a third of Manhattan rental apartments (34%) and nearly a third of rentals in both Brooklyn and Queens (28%) cut their rents in the last quarter of 2017 compared to the quarter before — the highest levels on record according to the data kept by StreetEasy.

“The slowdown is forcing landlords across the city to cut deals, and renters now have the most negotiating leverage in years,” said Grant Long, senior economist for StreetEasy. “The cooling in the market is no longer limited to new, high-end buildings in select pockets of the city — there’s a broader trend of rents topping out across all price points.”

Compared to last year, rents were flat, rising just 0.1% — or $5 a month — compared to the fourth quarter of 2016, as apartments gave up their gains of the summer.

For comments, questions or concerns, please contact our New York commercial real estate editor Bendix Anderson