Rents dipped slightly in Manhattan and northwest Queens in March, but ticked up in Brooklyn, according to a new report out Thursday.
The monthly rent analysis from appraisal firm Miller Samuel and real estate company Douglas Elliman found median rents declined year-over-year in Manhattan and northwest Queens but rose slightly in Brooklyn, staying far above prepandemic levels but poised to climb even higher in the coming summer months.
New lease signings also set records in Brooklyn and Queens.
“Rents are moving sideways at an elevated level,” said Jonathan Miller, CEO of Miller Samuel. “They’re not declining sharply as I think many hoped when we hit records last summer.”
Manhattan median rent was $4,100, a roughly 3% dip from February and 1.8% fall from 2023 — but still the second-highest March figure on record and 14.2% more than prepandemic. Studio apartment rates stayed at $3,100, the same as the previous month and a nearly 3% drop versus this time last year.
Median rent in Brooklyn fell a mere 0.1% from the month before to reach $3,495, about 0.1% above what it was a year ago and a 16.5% jump from before the pandemic. Brooklyn studios went for $2,999, 1.6% more than this February and 0.1% more than in March 2023.
Queens saw median rent drop 1.2% from February to $3,200, a 3% decline compared with last year. That’s an 11.1% increase from prepandemic levels. Studio units rose 1.6% in a month to $3,048, which is almost 1% less than it was a year ago.
Miller pointed out that, seasonally, rents tend to peak in July and August. And while he wouldn’t speculate as to whether or not 2024 would surpass the records set last year, he said “it’s not unreasonable to expect rents to climb this spring into the summer.”
The report comes as the city grapples with an ongoing housing crisis, with apartment vacancies rates at historically low levels and half of residents struggling to afford the basics.
