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Photograph: Courtesy CC/Flickr/Daniel Mennerich

Average rents in NYC reached an all-time high this summer

Will Gleason
Written by
Will Gleason

Breaking news: Rent in New York is expensive.

Well, you probably already knew that. But thanks to a recent study by the real estate site StreetEasy, we now know that in Manhattan, Brooklyn and Queens, they’re officially higher than they’ve ever been before.

All three boroughs had their average rent prices break records in July despite signs that the speed of growth in the city is actually slowing down. That’s largely due to the high summer demand for apartments that comes around every year (along with the leaky air-conditioners and subway saunas).

Queens was the borough that post the most growth last month, with a 1.3 percent increase in the average rent price, which is now $1,996. It was followed by Brooklyn with 1 percent growth and an average of $2,453 and, finally, Manhattan, with just 0.2 percent growth, but an average monthly rent of $2,980.

Despite the discouraging news, there was at least one small silver lining in the report. The average rent actually dropped in two Manhattan neighborhoods last month: Midtown and the Upper West Side. Perfect. We’ve always wanted to live on the park.

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