New York & Tri-State CRE News In Your Inbox.

Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.

Sub Markets

Property Sectors


New York & Tri-State  | 

NYC Rents Hit All-Time Highs in July

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.

For comments, questions or concerns, please contact Bendix Anderson

Get CRE News in 150 words


Inside The Story

Read More at StreetEasyConnect with StreetEasy's Long

About Connect CRE

New call-to-action