Is there relief in sight for New Yorkers looking to live in Manhattan? A new report shows median rent in the borough just hit its third consecutive high.
The report notes that demand, naturally, is high. New lease signings returned to seasonal trends after a lull due to the banking crisis.
May’s record median rent — which equals $52,740 paid over the course of 12 months — additionally jumped by 9.9% from last May’s $4,000 median.Trends of increased prices in Manhattan come some two years after a price rebound from COVID-era lows.The median rent is often referred to by industry experts as the more reliable way of tracking prices — and is the mid-point value of the total price samples. Average rent, meanwhile, is the sum of all rents divided by the number of samples.
Manhattan’s average rent hit $5,379 in May — 2.1% above April’s $5,270 and 8.1% above last May’s $4,975. The report does not specify this figure as a record. 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.That said, Brooklyn also saw median rents reach a record high, but only for the second straight month. There, May saw a $3,550 median, up 1.4% month-over-month from $3,500. Year-over-year, that’s 9.2% north of that May’s $3,250.
In northwest Queens, median rent was at its second-highest level on record — hitting $3,402 in May. Unlike the other two areas, that marked a 3.5% monthly decline from April’s $3,525. Year-over-year, that’s skyrocketed more than 15% from last May’s $2,950.
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