Apartment rents in Brooklyn and Queens surged above record levels in January, while rents in Manhattan—still flirting with record levels achieved last year—appeared to plateau.
Average monthly apartment rental prices increased in January by about 9% in Brooklyn and Queens over December's results, rising to new record highs of $4,165 and $3,577, respectively, according to a new Elliman Report.
Average rents in Manhattan were $5,142, a 1.9% decline over December, but still the third-highest average on record. Rental prices per square foot in Manhattan dropped 5.7% to about $77/SF.
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