New York City apartments rents and pricing on for-sale apartments have rebounded strongly from the pandemic, appraisal firm Miller Samuel reported. The net effective median rent for Manhattan apartments rose 23% year-over-year in January to $3,467 per month, the fastest annual growth on record and just behind the higher-water mark for January median rents established two years ago.
In Brooklyn, listing inventory fell Y-O-Y by the highest rate on record, while annual growth in net effective median rents was the third highest ever recorded. Miller Samuel had a similar report for northwest Queens, where net effective median rent rose at its second-fastest annual rate on record while listing inventory declined at the fastest Y-O-Y pace to date.
On the for-sale side, fourth-quarter 2021 price growth compared to Q4 2019 was remarkably consistent, ranging from 16.5% for Staten Island to 17.7% for Queens, according to Miller Samuel data.
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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