Manhattan apartment rental prices hit an all-time high in March, with the median monthly rent reaching a staggering $4,175, according to a market report by real estate brokerage Douglas Elliman and appraiser Miller Samuel. This represented an increase of 12.8% from the previous year, and broke the previous record of $4,150 set in July 2021.
Despite an increase in inventory, which rose by 6.3% to 6,366 listings in the borough last month, rents continued to rise. The number of new leases signed surged by 20.5% to 4,863 in March, reflecting the fierce competition in the market. In fact, the average lease was signed at just a 0.7% discount from its last listing price, down from an average 5% discount in February.
Manhattan apartments also spent less time on the market, with an average of just 39 days in March, down 36.1% from an average of 61 days in the same month the previous year. The market is typically at its most competitive in the summer months, which means new records could be just weeks away.
The report also highlighted the median rental prices for apartments of different sizes. Studio apartments located in Manhattan had a median rental price of $3,190 in March, while one-bedroom apartments had a median rental price of $4,150. Two-bedrooms had a median price of $5,680, and three-bedrooms had a median price of $7,000.
The report also analyzed other markets, including Brooklyn and Northwest Queens. In Brooklyn, median rental prices increased by 2.7% to $3,493, representing an increase of 16.4% year-over-year. In Northwest Queens, the median rental price rose by 1.9% to $3,300, an increase of 13.9% from the same month last year.
UK lettings market sees fierce competition driving rents higher, housing sales sluggish