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.
Apartment Rents Reach New Highs in Three NYC Boroughs
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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