Apartment rentals New York with Market Trends

Living room at a luxury apartment at 57 Reade Street.

Zumper's February’s Rental Report has been released, and its data revealed New York City’s rental market is still second only to San Francisco in its fierce competitiveness and monthly rental price. While 1- and 2-bedrooms are up 7.3 and 3.1 percent, respectively, from last year, February was a slightly less expensive month than January, showing a 1.8 decrease for 1-bedrooms and a 2.4 percent fall for 2-bedrooms.

In a recent study compiled by the Douglas Elliman appraiser, Jonathan J. Miller, housing prices in Brooklyn are skyrocketing at a rapid rate. And in some instances, Brooklyn apartment rentals have been more costly than their Manhattan counterparts.

Rents are soaring throughout NYC as supply is dwindling.

Rent prices are on the rise again, with the median rent up 4.1 percent ($4,093) compared to last year, writes Curbed. Jonathan Miller, compiler of Elliman Report has found that the prices for smaller apartments are now rising faster than the top of the market. In Manhattan, the median price for studios and one-bedrooms is $2,270 - that’s 11 percent up from last year, the highest point in seven years! Brooklyn and Queens rent rates are also going up, though at a much steadier rate. The real question is: why are smaller apartment rents going up?

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