Rent growth in Queens and Brooklyn slowed down substantially year-over-year in December 2024, compared to that of Manhattan, according to a report from the real estate listing site StreetEasy.
The typical asking price for rent rose in Queens over this period of time by 3.7%, representing a much smaller year-over-year change than the 4.5% year-over-year jump seen in the borough in December 2023. Brooklyn followed a similar trend, with the yearly increase being 3.5%, slower than the 4.1% increase the previous year. These trends represent a sharp contrast to Manhattan, which ended up seeing the typical asking price increase at a much higher rate in December 2024, at 4.2%, compared to the 2.2% increase experienced from December 2022 to December 2023.
Queens and Brooklyn also differed from Manhattan when it came to rental inventory trends. In Queens, rental inventory rose 9.7% year-over-year, from 3,774 in December 2023 to 4,140 in December 2024. Brooklyn experienced a 7.9% boost, from 9,007 in 2023 to 9,718 in 2024. Conversely, Manhattan went through a 13.4% decrease in rental inventory, down from 13,886 in December 2023 to 12,025 in December 2024. The inventory decline in Manhattan is due in large part to increased mortgage rates.
Temporary reductions in housing costs were prevalent in Brooklyn, with four of its neighborhoods – Windsor Terrace (64%), Downtown Brooklyn (47%), DUMBO (42%) and Greenpoint (36%) – ranking among the ten neighborhoods across New York City with the highest percentage of rentals with concessions in December 2024, with Windsor Terrace claiming the top spot. The Queens neighborhoods of Jamaica (56%) and Long Island City (48%) also made the top ten.
