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Queens and Brooklyn Rent Growth Slows, Manhattan Stands Out

1/30/2025

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Summary

Story summary

In December 2024, rent growth slowed in Queens (3.7%) and Brooklyn (3.5%) compared to Manhattan's 4.2%.
Rental inventory increased in Queens (9.7%) and Brooklyn (7.9%), while Manhattan's inventory decreased by 13.4% due to high mortgage rates.
Astoria's condo prices surged by 19%, Flushing's dropped by 6%, and Long Island City remained stable.
Rental activity varied, with Astoria's net rent increasing by 5% and Long Island City’s rising by 10%.

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Story summary

In December 2024, rent growth slowed in Queens (3.7%) and Brooklyn (3.5%) compared to Manhattan's 4.2%.
Rental inventory increased in Queens (9.7%) and Brooklyn (7.9%), while Manhattan's inventory decreased by 13.4% due to high mortgage rates.
Astoria's condo prices surged by 19%, Flushing's dropped by 6%, and Long Island City remained stable.
Rental activity varied, with Astoria's net rent increasing by 5% and Long Island City’s rising by 10%.