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NYC rent growth slower in 2016 than previous years, report says

New York City rent prices saw slower than

New York City rent prices saw slower than normal growth in 2016, a new report says. Above, a sign advertises an apartment for rent along a row of brownstones in Fort Greene, Brooklyn on June 24, 2016. Photo Credit: Getty Images / Drew Angerer

The city’s rental market saw a much slower growth last year compared to previous years, according to a real estate report released Tuesday.

The average rent for doorman and non-doorman apartments in Manhattan, Queens and Brooklyn apartments went up by nearly $100 in 2016, MNS reported.

In Manhattan, average rents for non-doorman units increased by 4.2% for studios and 3.1%, for one-bedrooms while prices for two-bedrooms decreased 0.5% last year.

In 2015, by comparison, the average rent jumped 5.1% for non-doorman studios, 6.6% for one-bedrooms and 10.2% for two-bedrooms, according to the report.

Non-doorman studios had the greatest average rent increase, going from $2,438 in 2015 to $2,541 last year. The MNS report found that there were 9,807 available units last year, 1,047 more than in 2015 with several buildings opening up in TriBeCa and the Financial District.

In Brooklyn, overall rents saw an increase of 1.8% from 2015 to 2016, going from average of $2,716 to $2,766, MNS reported. Two-bedroom apartments in the borough saw only a 0.8% increase during that period, compared to the 2.1% jump they saw in 2015.

“For developers, studios reign as the highest prices per square foot, and for tenants, they allow flexibility and lower cost overall,” the report said.

Several new developments in Downtown Brooklyn, Gowanus, Clinton Hill and Fort Greene added over 1,000 new units.

MNS’s report on Queens, which is the company’s first yearlong survey done on the borough, found average rents were $2,172 last year, a 4.2% jump from the $2,085 average in 2015. Studios in Ridgewood and one-bedrooms in Rego Park saw the greatest increase during that period, according to the report.

“Queens is consistently being discovered as an option for families and solo renters,” the report said.


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