The end of summer also saw the end of Brooklyn's rising rents as units from new development flooded the market.
In August, Brooklyn's median rental price dropped 1.5 percent from the previous month at $2,808. This number is also less than the same time last year when the median rent was $2,850.
Studios and one bedrooms appear unaffected by this sudden change in the market as rental prices for smaller units continue to rise while larger units slip. At the same time, Manhattan rental prices continue to rise with the median rent at $3,175, ahead of Brooklyn by $367.
An increase in inventory appears to have affected all boroughs with 289 new rental units in Queens, a 337.9 percent increase from the same time last year while Manhattan saw a 1.27 percent vacancy rate in August, the highest in five months.