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Manhattan, BK Rents Hit Records High in Feb
New York City’s apartment rental market continues to surge, with both Manhattan and Brooklyn seeing record-high median rents in February, according to a report from Douglas Elliman.
Manhattan’s median rent reached $4,290, up 2 percent from January and 3.3 percent year-over-year, while Brooklyn’s hit $3,499, remaining flat from the previous month but rising 3 percent annually. The number of new leases signed also soared in both boroughs, indicating high demand. Manhattan’s listing inventory increased by 33 percent year-over-year, with listings spending less time on the market.
In Brooklyn, rental agreements surged by 62 percent from a year ago, accompanied by increased bidding wars and reduced marketing time. Despite stability in Queens’ Astoria and Long Island City, rental trends reflect a tightening market citywide.
- ◦Lease
