With fewer people buying and more renting, New York landlords have the upper hand, and are less likely to offer markdowns to prospective tenants.
In Brooklyn, rent cuts are down 6.7% from last year, according to a 2019 StreetEasy report. The trend of shrinking rent cuts is true across Manhattan, Brooklyn, and Queens. Rent cuts dropped to the smallest discount on record in Brooklyn and Queens, each at 3.4% and dipping close to an all-time low in Manhattan at 3.9%.