In December 2024, rent growth in Queens and Brooklyn notably slowed compared to Manhattan, with Queens rental prices rising 3.7% and Brooklyn by 3.5%. This decline contrasts with Manhattan's 4.2% increase. Additionally, rental inventory rose in Queens and Brooklyn, with increases of 9.7% and 7.9%, respectively, while Manhattan experienced a sharp 13.4% drop, attributed to rising mortgage rates. Temporary rent reductions were common in Brooklyn, especially in Windsor Terrace and other neighborhoods, highlighting a changing rental landscape in New York City.
The typical asking price for rent rose in Queens by 3.7% year-over-year in December 2024, a slower increase compared to the previous year's 4.5%.
In Brooklyn, the yearly rental increase was 3.5%, down from 4.1% in the same period the previous year, contrasting with Manhattan's higher rate.
Rental inventory in Queens rose by 9.7% to 4,140 units, while Brooklyn's inventory increased by 7.9%, unlike Manhattan, which saw a significant decline.
Temporary reductions in housing costs were noted in several Brooklyn neighborhoods, with Windsor Terrace leading at 64% of rentals having concessions.
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