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Report shows that rental prices are continuing to grow among four NYC boroughs

Manhattan bridge,  New York city, USA
Photo via Getty Images

MNS real estate released a February 2022 rental market report on four of New York City boroughs.

Manhattan overall increased by 2.26%, from $4,322 to $4,419. The neighborhood Tribeca has the most expensive and largest increase for a two-bedroom non-doorman unit being up 5.7%, $7,200 to $7,612. The biggest decrease for Manhattan was found in the Lower East Side for a two-bedroom non-doorman unit from $6,894 to $6,487, down 5.9%.

Brooklyn increased by 0.13%, $3,091 to $3,095. The biggest increase in this borough was found in DUMBO for a studio up 4.7% from $3,088 to $3,232. The largest decrease was in Williamsburg, down 5.3%, for a two-bedroom unit, $4,176 to $4,955.

In Queens up 0.45%, from $2,380 to $2,391. Flushing studios are up 5.6% from $1,692 to $1,788. And the biggest decrease was found in Jackson Heights for a two-bedroom apartment down by 4.9% from $2,588 to $2,462.

The Bronx increased overall by 1.72 %, going from $2,107 to $2,144; in Morris Heights/University Heights, the most considerable increase for the borough was one-bedroom units up 4.01% from $1,670 to $1,737. The biggest decrease for the month was in the same neighborhood, Morris Heights/University Heights, where it was down 1.89% for a two-bedroom unit, $2,121 to $2,081. 

The COVID-19 pandemic has dramatically lowered market prices; now, there will be a steady increase in prices due to this shift in the market and its high demand.

For Manhattan, the average price for a non-doorman studio is 21.31%, while a doorman studio unit is up 35.42%. The most significant price change in Brooklyn was seen in Fort Greene with an increase of 36.20%, with a studio, one or two-bedroom units averaging $2,688, $3,849, and $4,626, respectively. Long Island City in Queens saw the highest increase in rental prices, 32.11%, with a studio, one or two-bedroom units averaging $2,981, $3,627 and $5,029.

For the complete report, click here for Manhattan, here for Brooklyn, here for Queens, and here for the Bronx.

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