Looking to change apartments? Well apparently so is everyone else in the city as they get slammed with rent hikes. According to Douglas Elliman’s latest rental report prepared by real estate guru Jonathan Miller, there was an 85.1 percent increase in new leases signed last month with units lingering on the market an average of only 41 days before being scooped up by a new tenant. Landlord concessions have also pretty much disappeared, they report, and the city’s vacancy was a mere 1.65 percent in May. The takeaway: Even in the face of insane, and ever-rising rents—we’re now talking a median $3,380 in the city (up for the 15th consecutive month)—Manhattan’s is still full of crazy people (including us) willing to pour their paychecks into one-bedroom apartments with no views. Brooklyn, of course, was no better, with median rents also climbing to $2,961.
One-bedrooms and studios took the brunt of the increase in Manhattan with median rents up 3.6 and 1.6 percent respectively year-over-year. By comparison, Brooklyn’s increase was attributed to a small shift towards larger apartments of two or more bedrooms—studios and one-bedrooms actually decreased slightly thanks to inventory coming from new developments hitting the market. New leases signed in the borough were up 379.6 percent year-over-year .
Here’s a breakdown of the action by apartment size in both boroughs:
View the complete Elliman report here.
- Subway Rent Map Shows Manhattan Rental Prices Along Each Train Line
- Harlem Rents Jump 90 Percent over the Past 12 Years, Bed-Stuy Not Much Better at 63 Percent
- According to Real Estate Brokers, All of Brooklyn Is an Extension of Williamsburg