Apartment rents in New York City rose to record highs in July.
“A mix of rising rents and fewer discounts or concessions from landlords shows signs of stabilization after a weaker rental market last year,” said Grant Long, senior economist for StreetEasy.
As the percentage of vacant apartments drops, landlords are less likely to offer concessions of months of free rent to potential residents. Roughly a third of rental apartments offered a discount in Brooklyn and Manhattan in July — down from nearly half last fall.
Median asking rents rose 0.2 percent since July 2016 to $2,980, the highest on record, according to StreetEasy. Rents increased the most — 2.2% — in Upper Manhattan, Manhattan’s least expensive submarket.