According to MNS’ NYC rental reports, the average rental price in Manhattan decreased by 1.56% to $4,617 in December of 2023. Gramercy experienced the largest month-over-month increase (9.6%) for doorman studios, while non-doorman studios in FiDi saw the biggest decrease (8.3%). Year-over-year comparisons show a decline of 5.33% for non-doorman studios and an increase of 1.03% for doorman studios, as well as a drop of 5.67% for non-doorman one-bedroom units and an uptick of 3/04% for doorman one-bedroom units.
In Brooklyn, the average rental price rose slightly by .04%, reaching $3,587 overall.Brooklyn Heights saw a significant month-over-month increase (9.l%), while Boerum Hill’s two-bedroom units experienced a large decrease (11 .3%). Comparing year-over-year data shows that studio apartments increased by6 .57%, one-bedrooms went upby329%,andtwo-bedroomsdecreasedbyl44%.
Queens also saw an overall rise in its average rental prices witha0 .65 %increase bringing itto$2 ,780.Regopark’sonebedroomunits hadthebiggestmonthovermonthincrease(8.S%),whileElmhurstexperiencedthelargestdecrease(8.Z%).Yearoveryearcomparisonsrevealanuptickof633%fors tudioapartments,a5.lZ%d ecreaseforonebedroomunits,andanincreaseof348%f ortwobedroomapartments.
The article “Manhattan Rental Price Averages $4 ,617inDec’23” was originally published on Connect CRE.
