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New York & Tri-State  + Downtown New York  + Apartments  | 

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. 

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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 13-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 15-20 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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