Residential Rents Ticked Up Slightly In These NYC Boroughs In August

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.

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.