Manhattan’s average rental price declined by 1.56% to $4,617 in the last month of 2023, according to MNS’ NYC rental¬†reports. Gramercy saw the largest month-over-month increase (9.6%) in DM (doorman) 1BR, while FiDi NDM (non-doorman) Studios had the largest decrease (8.3%). Year-over-year, NDM Studios fell by 5.33%, DM Studios rose by 1.03%, NDM 1BR dropped by 5.67%, DM 1BR increased by 3.04%, NDM 2BR decreased by 4.49%, and DM 2BR dropped by 1.37%.¬†

Brooklyn’s average rental price increased by 0.04% to $3,587. Brooklyn Heights Studios saw the largest MoM increase (9.1%), while Boerum Hill 2BR had the largest decrease (11.3%). Year-over-year, Studios increased by 6.57%, 1BR by 3.29%, and 2BR decreased by 1.44%. 

In Queens, the average rental price rose by 0.65% to $2,780. Rego Park 1BR had the largest MoM increase (8.5%), while Elmhurst 1BR had the largest decrease (8.2%). Year-over-year, Studios increased by 6.33%, 1BR by 5.13%, and 2BR by 3.48%. 

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