Curious about the real estate rental market? We are pleased to share Compass' February 2022 Rental Report! We will provide valuable insights so you can stay educated and informed on prevailing trends shaping the market.
By comparing February 2022 to February 2021 rents across Manhattan, Brooklyn, and Queens, we have seen, on average, a 27% increase in rents, and a 41% decrease in inventory.
The most significant rent increases have been felt in Manhattan, at approx. a 40% increase in February 2022 compared to that of February 2021. Brooklyn and Queens have seen an approx. 20% increase in rents.
While inventory is low across the board, the squeeze can be felt most in Manhattan and Brooklyn.