Sales prices in Upper West and Upper East Side also see record declines, according to the January 2018 StreetEasy Market Reports New York City began the New Year with stagnant rents in Manhattan and Brooklyn, and falling rents in Queens, according to the January 2018 StreetEasy® Market Reports.
The Street Easy Rent Index [ii] for Queens fell 1.2 percent to $2,071. In January, renters in Queens saved an average of $26 per month compared to last year, and an average of $54 per month in Northwest Queens. StreetEasy Rent Indices for Manhattan and Brooklyn were flat compared to this time last year, at $3,118 and $2,528, respectively.
StreetEasy Price Indicesiii rose in Queens and Brooklyn, but remained relatively flat in Manhattan year-over-year. The StreetEasy Price Index rose 5.0 percent in Queens to an all-time high of $512,082. StreetEasy Price Indices were up 3.2 percent in Brooklyn, to $752,186, and 0.6 percent in Manhattan, to $1,179,004.
The greatest price drops were concentrated in Manhattan’s Upper East Side and Upper West Side. StreetEasy Price Indices dropped 2.7 percent year-over-year to $1,029,872 in the Upper East Side and 1.6 percent to $1,150,883 in the Upper West Side — the largest annual price declines on record for both submarkets. Fifteen percent and 14 percent of units in each area offered a price cut in January, respectively — up 1.7 and 2.5 percent year-over year.
“New York City’s rental and sales markets have started off the year heading in two different directions,” said StreetEasy Senior Economist Grant Long. “Rents across Manhattan, Brooklyn and Queens continue to cool, providing renters with more bargaining power than in recent years. But buyers — especially those focused on the affordable end of homes — won’t be catching the same break in 2018. Outside of a few select and pricey areas, including the Upper East Side, Upper West Side, and Prospect Park, home sales across the three boroughs are heating up, and buyers should expect to face an increasingly tight and competitive sales market as we head into home-shopping season.”