New York City rents dipped slightly in September but remain at near-record highs

New York renters got a slight reprieve last month, with rental rates across Manhattan, Brooklyn and northwest Queens slipping compared to the record-setting summer peak. But rents in all three markets remain at near-record highs and are dramatically above pre-pandemic levels.

That’s according to the latest report from real estate company Douglas Elliman and appraisal firm Miller Samuel, released Thursday. They found that rents decreased from August in all three boroughs but are still far higher than they were in 2019.

“The three boroughs are similar in what they’re doing, it’s the same storyline,” said Jonathan Miller, CEO of Miller Samuel and author of the report.

Manhattan median rent decreased 1.1% from August, to $4,350 — the third-highest on record and 8.2% pricier than it was in September 2022. That’s 24.3% above what it was in September 2019, before the start of the pandemic.

The median rate for studio apartments also slid by 1.6%, to $3,150, a 5% increase compared to a year ago. The slight let-up came as the borough’s listing inventory expanded.

Brooklyn’s median rent was also the third-highest in its history, reaching $3,700. That’s 3.9% less than the month before but 5.9% over September 2022 and 23.3% over September 2019. Studios went for $3,250, 1.1% more than August and a 16.1% rise year-over-year.

In northwest Queens, the median rent was $3,528, almost a 10% drop from August but 10.3% more than it was a year ago and 22.7% above pre-pandemic levels. Studios prices dropped to $3,052, a 5.4% drop-off versus August but 20.1% hike versus last September.

Miller added that new lease signings are also down as landlords have shifted their focus to renewing leases and retaining tenants.

He predicted that the sharp upward climb of rents will not carry over from the summer — but affordability probably won’t significantly increase, either.

“Through the rest of the year at least, we’re probably looking at rents moving sideways, maybe slipping a little bit,” Miller said. “But no sharp increases. That’s what the data is telling us now, anyway.”