It Has Never Been This Expensive to Rent in NYC: Report

Rent in New York City reached an all-time high last month, according to a new report from StreetEasy.

The October market reports from the real estate website shows that rents in Manhattan jumped 3% and rents in Queens rose 3.4% compared to last year. For Brooklyn, rents increased at their fastest pace since 2015.

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StreetEasy says landlords are less likely to offer discounts than they normally would because they know that more people are choosing to rent as potential buyers wait for home prices to drop.

“New Yorkers looking to sign a new lease this winter should expect tougher negotiations and fewer concessions, and should be prepared to move when they find the right apartment," StreetEasy Economist Nancy Wu said in the report.

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Home prices have dropped the most in Manhattan, according to StreetEasy, with as much as 4% overall and 6.6% just in Upper Manhattan. In Queens, price growth has slowed down. 

Brooklyn home prices were unchanged, according to the report.

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Photo Credit: Bloomberg via Getty Images

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