Well, the lull was nice while it lasted.
New York rents were back at record highs last month after dropping slightly in March, indicating another painful spring and summer could be in store for the city’s apartment hunters, according to the latest report from Douglas Elliman and Miller Samuel.
In Manhattan, the median rent rose to $4,250, a record high for April and a 3.7% increase month over month, the report says. This was the third time in the past four months that it rose year over year. The listing discount was the lowest for the month on record at -0.1%, meaning many apartments went for more than their initial asking rent.
But the price increase didn’t seem to scare off renters. They signed 5,482 new leases, up significantly month over month and year over year, making it the second-busiest April on record. Listing inventory increased to just under 8,000 apartments, while the vacancy rate ticked up to just under 2.5%, the report says.
In Brooklyn, the median rent hit $3,599, also a record for April and up 3% compared to March. New lease signings and listing inventory were also both the second-highest for April on record, at 3,066 and 3,944, respectively.
The median rent did not set a record in northwest Queens but still rose month over month to $3,244, the second-highest it has been for April. New lease signings were the second-highest on record at 678, up almost 150% year over year, while listing inventory rose more than 65% annually to hit 754 apartments.
The city’s all-time record highs for rents were set in July and August last year, at $4,400 in Manhattan, $3,950 in Brooklyn and $3,900 in northwestern Queens, according to the Elliman reports. And with high interest rates keeping many potential buyers out of the housing market and in the rental market, it could just be a few months before even these records are broken, said Jonathan Miller, CEO of Miller Samuel and author of the report.
“If this continues, then it’s reasonable to expect new records being set in the summer,” he said, “barring a drop in mortgage rates.”
Eddie Small , 2024-05-09 12:03:03
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