The average residential rental prices ticked up modestly in the New York City boroughs of Brooklyn and Queens in August, while Manhattan and the Bronx posted slight declines — but prices in all four of those boroughs are nonetheless significantly up year-over-year, in another welcome sign for the resurgence of New York real estate.
The latest reports from NYC-based MNS Real Estate reveals that overall average rental price in Brooklyn increased by 1.97% last month, from $3,559 to $3,629. Crown Heights was the neighborhood with the largest uptick within the borough, with studios studios up 10.1%, from $2,111 to $2,324. On the other end of the spectrum, Greenpoint was the Brooklyn neighborhood with the biggest monthly decrease, down 7.7% from $3,699 to $3,415.
The most expensive Brooklyn prices could be found in Dumbo, with studio, one- and two-bedrooms with prices averaging $3,998, $5,220, and $7,055, respectively. The least expensive studios and two-bedrooms are in Borough/Sunset Park, where prices average $1,613, and $2,395, respectively, and Bay Ridge is home to the least expensive Brooklyn one-bedrooms with prices averaging $1,939.
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Overall rental prices in Brooklyn are up 24% year-over-year with studios up 20.91%, one bedrooms up 24.64%, and two bedrooms up 25.5%.
Queens followed closely behind Brooklyn with average rental prices increasing 1.23%, from $2,674 to $2,706 in August 2022. Astoria had the largest month over month increase, up 8% for two-bedroom units, while Ridgewood, had the largest decrease (-3.9%). The most expensive studio, one- and two-bedroom units were in Long Island City, with prices averaging $3,300, $3,986, and $5,627, respectively, while the least expensive studios were in Flushing ($1,685) and the least expensive one- and two-bedrooms were in Jackson Heights (prices averaging $2,053 and $2,709).
Rental prices are also up year over year in the borough, with studios, one-two bedrooms up +13.79%, +16.20%, and +18.52%, respectively. Overall average rents are up 16.5%.
Manhattan showed a modest month-over-month decrease in rental prices in August, down .27% over July numbers to rest at $4,789. Tribeca had the largest month-over-month increase, up 9.6% from $6,068 to $6,648, with other notable increases in Gramercy (+8.9%) and SoHo (+7.5%). Murray Hill had the largest month-over-month decrease.
Studio rentals in non-doorman buildings are up more than 23% year-over-year, while one bedrooms are up 21.36% and two-bedrooms are up 18.93%. For buildings with a doorman, prices are up 18.68% for studios, 17.15% for one bedrooms, and 16.45% for two bedrooms year-over-year.
Finally, the Bronx had the largest decrease of the four boroughs MNS surveyed in August, with prices decreasing just more than 2%, from $2,267 to $2,221, but prices are still up by 9.8% year over year across the board. Studios, one-, and two- bedrooms are up by +11.36%, +8.66% and +9.93%, respectively.
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