New York & Tri-State CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
Manhattan Apartments Reach New Highs in Rents
Manhattan apartment landlords got good news from the latest Miller Samuel report for Douglas Elliman. The market pattern of record rents, rising new leasing volume and diminishing concessions continued in May across Manhattan.
Median rent surged 25.2% annually to $4,000, reaching the threshold for the first time, while average rent was just $25 shy of the $5,000 threshold. Meanwhile, net effective average rent rose 26.5% annually to a record $4,903.
New lease signings continued to rise month over month as the seasonal demand pattern is “firmly in place,” wrote Miller Samuel’s Jonathan Miller. The market share of landlord concessions fell to 15.3%, the lowest share since September 2016.
Similar stories came out of Brooklyn and northwest Queens in May. Both net effective median rent and net effective average rent reached new highs in Brooklyn, while the net effective median rent in northwest Queens was the second highest on record.
- ◦Lease

