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Apartment Rents Reach New Highs in Three NYC Boroughs

Median apartment rents in Manhattan, Brooklyn and northwest Queens have reached new highs, appraisal firm Miller Samuel reported. In the case of Manhattan, April marked the second consecutive month of record highs. 

The median monthly rent in Manhattan climbed to $4,241, up 8.1% from a year ago, according to Miller Samuel’s Jonathan Miller. Meanwhile, concessions paid by landlords fell to their lowest level since the pre-pandemic month of November 2019.  

The median rent in Brooklyn rose to a new high, exceeding last August’s record. Net effective median rent and median rent reached new highs. New lease signings fell annually for the first time in three months. 

All price trend indicators in northwest Queens rose annually to new records, Miller reported. New lease signings fell annually for the second time in three months as listing inventory expanded annually for the second consecutive month. 

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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