Another month, another report confirming that New York City is an insatiable money pit that will continue to suck you down until you actually find yourself wondering if life in Philadelphia or Denver or, I don't know, Buffalo might be a "better fit."
The latest warning comes courtesy of StreetEasy, which found that median rents across Manhattan, Brooklyn, and Queens reached an all-time high in July—rising to $2,980, $2,453, and $1,996, respectively.
The greatest increase happened in Queens, the report found, where median asking rent shot up to $1,996, a 1.3 percent increase from last July. While Manhattan's median asking rents rose only .2 percent in that time span, rents in Upper Manhattan—the borough's least expensive submarket—rose by 2.2 percent. Likewise, median rents in South and East Brooklyn shot up 1.8 and 1.5 percent since last July.
"A mix of rising rents and fewer discounts or concessions from landlords shows signs of stabilization after a weaker rental market last year,” said StreetEasy Senior Economist Grant Long, which sounds like it might be good news, but is actually just good news for landlords.
The report also noted that rental discounts and other concessions are down across the board this year. The trend is most obvious in Queens, where 40 percent of available rentals got some sort of discount last year, down to about a quarter of rentals now. Rental discounts similarly dropped from 38 to 32 percent in Brooklyn, and Manhattan's share of discounts reached their lowest levels since August 2015, at 36 percent.
There is some good news, however. The report found that median resale prices in Manhattan were essentially unchanged year-over-year, at $1.1 million. So, congrats to everyone with $1.1 million, and please consider us as potential house-sitters for your weekend staycation home in Tribeca.