Manhattan rents continued to rise for the 12th consecutive month while Brooklyn prices fell for the fist time since last fall. The average rental price for a Manhattan apartment was up 3 percent from January to $4,093 in February. The median rental price in the borough jumped 8.9 percent year-over-year to $3,375 during the second month of the year. For the first time in five months, the median rental price for Brooklyn apartments declined. The median price for the area was down 0.9 percent to $2,863 in February. Rental prices held more steady for the northwest Queens rental market. The average rental price in the area, which includes Long Island City and Astoria, remained at $2,600. View the full report online here.
industry-report
Manhattan rents continued to rise for the 12th consecutive month