Median rents of apartments in Manhattan soared to a new peak in March, according to new data from the real estate firm Douglas Elliman.
The median rental price in Manhattan reached $4,175 per month last month, up 2% from February and up 12.8% from March 2022. This broke the record set in July 2022 when Manhattan’s median monthly rent was $4,150.
Along with the higher price is a higher level of leasing activity: there were 4,863 new leases in March, up 20.5% from 4,037 in February. Listing inventory totaled 6,366, a 6.3% upswing from February.
Nonetheless, Manhattan’s apartment vacancy rate inched up from 2.30% in February to 2.54% in March – although it was still under the 3% level of the decade average.
On the luxury housing side of the sector, the median rental price in Manhattan dropped to $10,500 per month from February’s $11,000 level, a 4.5% slide – the record level in this area was $13,000 per month set last October.
“The market share of two-year leases expanded to 56.3%, the highest level in 20 months, as tenants want to lock in rents with the expectations of higher rent prices going forward,” said the Douglas Elliman report.
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I am done with New York
Come to Pensacola, Florida~!
So let me be sure I understand this, you are proud of gentrifying the city? Wow! Hope you enjoy it when you all 911 and it goes to voicemail because there is no one to answer the phone because they can’t afford to live there anymore! Shame on you and your unless greed!
Where does this article promote gentrification and greed. It only convey specific stats which only represent simply supply and demand economics.
Why anyone still lives there is puzzling to me. Actually the big corporations should start moving because it’s so sweet in the rest of the country. New York is NOT the center of the Universe anymore.