Rents Across Manhattan, Brooklyn Continue Rise: Study

NEW YORK CITY — Rent in Brooklyn and Manhattan is on the way back to pre-coronavirus pandemic levels, if it isn't there already, according to a new study.

The StreetEasy study found Brooklyn's typical rent rose for four straight months, reaching $2,650 in August — a high far above the rock-bottom prices seen throughout the pandemic.

Manhattan's median rent rose to $3,100, the study found.

"That marks the fifth consecutive month with an increase in rents," the study states. "However, rents are still $400 lower than their pre-pandemic high of $3,500."

The study is the latest indication that New York City's brief "renter's market" during the pandemic is over.

Prospective tenants in recent months have found prices returning to "normal" — i.e., high — and options for apartments dwindling.

Indeed, rental inventory during August continued to plummet in Brooklyn and Manhattan.

Brooklyn's rentals dropped to 15,341 on the market, compared to 25,914 at the pandemic's height, according to the study.

"There were 18,569 Manhattan rentals available in August," the study states. "That’s the lowest it’s been since April 2020, when the pandemic first began. In August 2019, the last 'typical' summer rental season, there were 21,248 Manhattan rentals on the market."

Read the complete study here.