MANHATTAN Consistent with the declining vacancy rate,
the Manhattan rate of rental price growth has
steadily increased over the past 5 months.
Tight mortgage underwriting standards and
an increase in city employment levels continue
have helped press rental prices higher. For the
5th consecutive month, the median rental price
rose from the year ago period at a higher rate.

BROOKLYN While the Brooklyn rental price has seen year-over-
year gains for the past 14 months, rents
have showed stability since the beginning of the
year. Rental price gains were seen across the
studio and 1-bedroom markets with more mixed
results in the larger size categories. Median
rental price for the overall market expanded
6.6% to $2,852 from the same month last

QUEENS Median rental price increased for the 5th time
in the last 6 months. The decline observed in
the prior month’s report had reflected a surge
in 1-bedroom rental activity. Median rental price
increased 10.5% to $2,646 from the same month
last year.