Summer temperatures are rising and so are Manhattan rental prices. After a slow down last year, the notoriously hot Manhattan rental market is back in full force with prices on the upswing since January.
Those looking to rent are facing a tough rental market. Low inventory coupled with few landlord concessions have caused rental prices to reach a five year high with the median rent at $3,300 - 3.1 percent higher when compared to the same time last year and 1.6 percent from just last month. Low Manhattan vacancies have created a demand for rentals in Brooklyn neighborhoods where prices are up 8.6 percent from $2,579 per month the same time last year. However, with substantial growth in inventory created by new rental developments, Brooklyn prices are starting to plateau. With the increase in offerings, the median rent is now at $2,800, 0.2 percent less than last month. With demand for rentals growing and vacancies narrowing in Manhattan, Brooklyn is becoming an even stronger contender in the NYC rental market.