In October 2024, nearly 20% of New York City rentals offered concessions, the highest since July 2021, reflecting increased inventory and affordability issues.
The median asking rent in New York City increased by 2.1% year-over-year, reaching $3,676, with Queens showing the most significant rise at 3.4%.
Queens saw a remarkable 14.5% rise in rental inventory over the year, providing renters with more options and contributing to the growing trend of rent concessions.
StreetEasy predicts that as winter approaches, the competition among renters in NYC will further soften, likely resulting in lower asking prices for rentals.
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