Manhattan rents reach another record high
Average rent in Manhattan reached $5,270 in April, up over 9% from year earlier
Manhattan rents reached a record high in April for the second month in a row, according to a new report.
Median rent rose to $4,241 last month, up 1.6% from March, according to data from real estate agency Douglas Elliman and appraisal and consultant firm Miller Samuel. That's up 8.1% from a year earlier when median rent was $3,925, according to the data.
Rents rose above pre-pandemic levels beginning in the fall of 2021 and first peaked in the summer of 2022, Miller Samuel CEO Jonathan Miller told FOX Business.
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"Since then, prices have moved sideways with some modest gains coming close to new highs and occasionally breaking through to a new record, such as we saw in the last two months," he said.
The downside is that because market activity doesn’t peak until August, "It is possible we may see a few more records broken in the coming months," Miller said.
Average rent in the Big Apple reached $5,270 in April, up 3% from March and more than 9% higher than a year ago.
For one-bedroom apartments, average rent rose 0.5% to $4,289. That's up 3.8% from last April when rent for one-bedrooms averaged $4,132.
Average rent for two-bedroom apartments reached $6,189, up 1.3% from March and up 9.2% from a year ago when rents averaged $5,665. Rents for three-bedroom units surged 4.8% to $10,211. That's up 15.9% from a year ago when rents averaged $8,809.
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On top of that, concessions paid by landlords also fell to their lowest level since November 2019, exacerbating renters' woes, according to the report.
However, the data also underscored how these high prices are forcing an onslaught of renters to stay where they are.
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According to the data, the number of new leases dropped roughly 20% in April from a month prior. Compared to a year ago, the number of new leases dropped nearly 14%.