Manhattan’s rental housing market set new records in May with rents averaging $4,571, up 1.6% month-over-month and up 7.6% year-over-year, according to data from the brokerage Douglas Elliman Inc. (NYSE: DOUG). May was the third time in the past four months when rental housing prices reached record highs.
Among property types, studio apartments in Manhattan recorded the greatest rent increase with a 9.5% year-over-year surge to an average of $3,400. In comparison, year-over-year gains for one-, two- and three-bedroom apartments were up by 7.1%, 7.9% and 8.4%, respectively.
Last month also saw the first year-over-year decline in new leases in 14 months, with 6,800 signings that marked a 4% drop from one year earlier.
“Although listing inventory surged by 31.2% to 11,714, up 57.9% from five years ago, it has not kept pace with the 210.5% rise in new lease signings over the same timeframe,” said the Douglas Elliman data report.
