Bank-busting NYC rents reach a record high — again
Manhattan continues to set records for median rental prices, with median rent hitting $4,395 per month in May, according to the latest rental market report from appraisers Miller Samuel and brokerage giant Douglas Elliman. This marks a 3.6% month-over-month climb from April’s $4,241-per-month median, which was itself a 1.6% increase from March’s $4,175 median. New lease signings, which saw 5,041 in Manhattan in May, were up 30.3% from the previous month. It is the third consecutive month that the median Manhattan rent has broken a record. Meanwhile, Brooklyn also saw median rents reach a record high, while northwest Queens hit its second-highest level on record.
FAQs:
Q: What is the median rent in Manhattan?
A: The median rent in Manhattan was $4,395 per month in May.
Q: How does this compare to previous months?
A: This marks a 3.6% month-over-month climb from April’s $4,241-per-month median, which was itself a 1.6% increase from March’s $4,175 median.
Q: What is the reason for the increase in rent prices?
A: The report notes that demand is high. New lease signings returned to seasonal trends after a lull due to the banking crisis.
Q: Are renters in Manhattan getting more options to choose from?
A: Amid the demand, city renters also now have more options to choose from. Listing inventory in Manhattan reached 6,998 units, up 7.4% from April’s 6,518 and surging 21.2% above the 5,776 dwellings counted last May.
Q: Is this trend happening in other areas?
A: Brooklyn also saw median rents reach a record high, while northwest Queens hit its second-highest level on record.
Once again, New York City’s exorbitant rents break the bank.
Manhattan’s median rent has broken yet another record, according to the latest rental market report from appraisers Miller Samuel and brokerage giant Douglas Elliman. The figure reached $4,395 per month in May, a 3.6% month-over-month rise from April’s median of $4,241. Demand was high, with 5,041 new lease signings in Manhattan in May, a 30.3% rise from the previous month. May’s median rent marks a 9.9% rise from last May’s $4,000 median. Manhattan’s average rent was $5,379 per month in May, up 2.1% from April’s $5,270, while listing inventory grew 7.4% from April’s total to reach 6,998 units.