NEW YORK, March 19, 2020 /PRNewswire/ -- Rents in
February again reached all-time highs across New York City, according to the StreetEasy
Market Reportsi. The StreetEasy Brooklyn Rent
Indexii saw the largest year-over-year increase of all
boroughs analyzed — up 5.5% to $2,745, the biggest jump since 2013.
Brooklyn's rent growth was led
by North Brooklyniii,
home to neighborhoods including Williamsburg and Greenpoint, where
rents rose 6.7% to $3,278.
North Brooklyn is now the
fourth-most expensive submarket in all of New York City — behind only Downtown Manhattaniv ($3,840), the Upper West Sidev
($3,432) and Midtown
Manhattanvi ($3,413).
While rents in Manhattan still
rose by 3.6% to $3,320, the
even-larger surge in Brooklyn
rents has the borough closing in on Manhattan prices. In February, North Brooklyn renters were paying 4% less
than renters in Midtown Manhattan, at $3,278 vs $3,413.
Just one year ago, there was an 8% difference between the two
submarkets - $3,072 in North Brooklyn and $3,311 in Midtown. In February, it was cheaper to
rent on the Upper East Sidevii of Manhattan than in North Brooklyn or Northwest Brooklynviii, which
include neighborhoods such as Downtown
Brooklyn, Dumbo, and Cobble Hill.
"As rents reach all-time highs, renters are realizing they can
get more space and amenities in Brooklyn for the same prices they're paying in
Manhattan," says StreetEasy
Economist Nancy Wu. "This phenomenon
is causing rapid price growth in areas that were once considered to
be relatively affordable, and we don't expect this trend to slow.
Renters are entering a unique time in the market right now when
flexibility and adaptability will be paramount."
See below for additional sales and rental market trends across
Manhattan, Brooklyn and Queens.
February 2020 Key Findings —
Manhattan
While rents reached record highs in the borough, the sales
market continued to slow. The StreetEasy Manhattan Price
Indexix fell 2.9% to $1,079,678. Upper Manhattanx, the borough's least
expensive submarket, bucked the trend with prices rising 2.1% to
$637,846 — showing that those seeking
relative affordability are still facing more competition, even amid
the broader slowdown.
February 2020 Key Findings —
Brooklyn
Brooklyn rents rose at the
fastest pace in seven years, according to the StreetEasy Brooklyn
Rent Index, and asking prices grew even faster. Still on the
rebound from the L-train shutdown cancellation, median asking rents
for a 1-bedroom rental in North
Brooklyn rose an astounding 18.2% to $3,250. Northwest
Brooklyn wasn't far behind, with a 7.7% uptick to
$3,204.
February 2020 Key Findings —
Queens
Renters seeking affordability, space and amenities continue to
look to Queens. When compared to
mid-tier rent prices in Manhattan
($3,200 to $3,300), a renter can get a luxury-tier apartment
in Queens for the same price, and
many are taking advantage. The most expensive tier of rentals in
Queens (the top 20%) saw the
largest jump in year-over-year rents, growing by 5.1% to
$3,276.
The complete StreetEasy Market Reports for Manhattan, Brooklyn and Queens, with additional neighborhood data and
graphics, can be viewed here. Definitions of StreetEasy's metrics
and monthly data from each report can be explored and downloaded
via the StreetEasy Data Dashboard.
About StreetEasy
StreetEasy is New York City's
leading local real estate marketplace on mobile and the web,
providing accurate and comprehensive for-sale and for-rent listings
from hundreds of real estate brokerages throughout New York City and the NYC metropolitan area. StreetEasy adds layers
of proprietary data and useful search tools to help home shoppers
and real estate professionals navigate the complex real estate
markets within the five boroughs of New
York City, as well as northern New
Jersey.
Launched in 2006, StreetEasy is based in the Nomad neighborhood
of Manhattan. StreetEasy is owned
and operated by Zillow Group (NASDAQ: Z and ZG).
StreetEasy is a registered trademark of Zillow, Inc.
i The StreetEasy Market Reports are a monthly
overview of the Manhattan,
Brooklyn and Queens sales and rental markets. Every three
months, a quarterly analysis is published. The report data is
aggregated from public recorded sales and listings data from real
estate brokerages that provide comprehensive coverage of
Manhattan, Brooklyn and Queens, with more than a decade of history for
most metrics. The reports are compiled by the StreetEasy Research
team. For more information, visit
https://streeteasy.com/blog/research/market-reports. StreetEasy
tracks data for all five boroughs within New York City, but currently only produces
reports for Manhattan,
Brooklyn and Queens.
ii The StreetEasy Rent Indices are monthly indices
that track changes in rent for all housing types and are currently
available from January 2007 in
Manhattan, January 2010 in Brooklyn, and January
2012 in Queens. Each index
uses a repeat-sales method similar that used to calculate the
StreetEasy Price Indices. The repeat method evaluates rental price
growth based on homes in a given geography that have listed for
rent more than once. More details on methodology here.
iii The North Brooklyn submarket includes
Williamsburg, East Williamsburg and Greenpoint.
iv The Downtown Manhattan submarket includes Civic
Center, FiDi, Tribeca, Stuy Town/PCV, SoHo, Little Italy, Lower
East Side, Chinatown, Battery Park City, Gramercy Park,
Chelsea, Greenwich Village, East Village, West Village,
Flatiron and Nolita.
v The Upper West Side submarket includes
Lincoln Square, Upper West Side,
Manhattan Valley and Morningside Heights
vi The Midtown Manhattan submarket includes
Roosevelt Island, Midtown, Central
Park South, Midtown South,
Midtown West and Midtown East.
vii The Upper East Side submarket includes Upper
East Side, Lenox Hill, Yorkville, Carnegie Hill and Upper Carnegie
Hill.
viii The Northwest Brooklyn submarket includes
Downtown Brooklyn, Fort Greene,
Brooklyn Heights, Boerum Hill, Dumbo, Red
Hook, Gowanus, Carroll Gardens, Cobble Hill, Columbia St.
Waterfront District and Clinton
Hill.
ix The StreetEasy Price Indices track changes in
resale prices of condo, co-op, and townhouse units. Each index uses
a repeat-sales method of comparing the sales prices of the same
properties since January 1995 in
Manhattan and January 2007 in Brooklyn and Queens. Given this methodology, each index
accurately captures the change in home prices by controlling for
the varying composition of homes sold in a given month. Levels of
the StreetEasy Price Indices reflect average values of homes on the
market. Data on the sale of homes is sourced from the New York City
Department of Finance. Full methodology here.
x The Upper Manhattan submarket includes Hamilton
Heights, Washington Heights,
Inwood, West Harlem, Central
Harlem, East Harlem, Manhattanville and Marble Hill.
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SOURCE StreetEasy