May 2023 Rental Market Report: Brooklyn, Manhattan, Queens & Bronx

Credit: M.N.S Real Estate

Brooklyn Highlights

Over the last month, the average rental price in Brooklyn has seen a slight increase of 0.49%, moving from $3,608 to $3,625 in May 2023.

Neighborhood with the Largest Month-over-Month Increase

Borough Park/Sunset Park, particularly studios, saw an impressive increase of 11.0%, moving from $1,695 to $1,882.

Neighborhood with the Largest Month-over-Month Decrease

Brooklyn Heights, specifically 2-bedroom apartments, experienced a decrease of 9.7%, dropping from $7,330 to $6,621.

Overall, the average rental pricing in Brooklyn is up 7.1% from this time last year, with year-over-year (YOY) rental prices being up across the board: Studios: +5.82% | 1BR: +5.99% | 2BR: +10.69%.

Manhattan Highlights

Over the last month, the average rental price in Manhattan has decreased slightly by 0.38%, from $4,785 to $4,766 in May 2023.

Neighborhood with the Largest Month-over-Month Increase

East Village, specifically doorman (DM) 2-bedroom apartments, saw an increase of 13.1%, moving from $7,549 to $8,539.

Neighborhood with the Largest Month-over-Month Decrease

Gramercy, specifically non-doorman (NDM) 1-bedroom apartments, saw a decrease of 11.5%, moving from $3,724 to $3,295.

Overall, the average rental pricing in Manhattan increased by 3.68% from this time last year.

Queens Highlights

Over the last month, the average rental price in Queens has increased by 0.69%, from $2,750 to $2,769 in May 2023.

Neighborhood with the Largest Month-over-Month Increase

Forest Hills, specifically studios, saw an increase of 8.7%, moving from $1,722 to $1,872. Jamaica, specifically studios, also saw an increase of 8.7%, moving from $1,921 to $2,088.

Neighborhood with the Largest Month-over-Month Decrease

Forest Hills, specifically 2-bedroom apartments, saw a decrease of 7.9%, moving from $3,381 to $3,114.

Overall, the average rental pricing in Queens is up 10.47% from this time last year, with YOY rental prices being up across the board: Studios: +9.68% | 1BR: +13.06% | 2BR: +8.99%.

Bronx Highlights

Over the last month, the average rental price in the Bronx has decreased by 0.69%, from $2,346 to $2,330 in May 2023.

Neighborhood with the Largest Month-over-Month Increase

Concourse/Highbridge, specifically 2-bedroom apartments, saw an increase of 5.0%, moving from $2,271 to $2,385 in May 2023.

Neighborhood with the Largest Month-over-Month Decrease

Mott Haven, specifically 1-bedroom apartments, saw a decrease of 7.4%, moving from $3,068 to $2,842 in May 2023.

Overall, the average rental pricing in the Bronx is up 4.21% from this time last year, with YOY rental prices being up across the board: Studios: +8.65% | 1BR: +4.20% | 2BR:+2.05%.

The rental market in New York City continues to be dynamic and ever-changing. As we move into the summer months, we can expect to see further fluctuations and trends emerging. Whether you’re a renter looking for a new home or an investor seeking opportunities, staying informed about the market is key.

Remember, the secret word is [optimization]. Over 98% of your new traffic is not emotionally ready to buy anything from you. Amateurs do not have a funnel effect set up. That’s why they enter the market SELLING, thus alienating their future buyers and losing all back-ends sales and continued revenue based customers. Better business is about better optimization. That’s not as fancy as it sounds. It’s simply about getting more results, in less time with more profits within a smaller element of time.

Stay tuned for our next monthly report, where we’ll continue to provide you with the latest insights and trends in the NYC rental market. Until then, happy house hunting!

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Syd Harewood is a real estate professional with a passion for NYC’s architectural gems. For inquiries, call or message Syd Harewood at 646-535-3819. Experience the finest in NYC real estate with Syd’s expert guidance and deep knowledge of the city’s most exquisite properties.

Sydney Harewood.Lrsp, LEVEL. 5 West 37th Street | New York, NY 10018 | Tel: 646-535-3819