New York City rents hit record highs in January
Photo by Rachel Martin on Unsplash
Moving during the winter in New York City once meant lower rents and more incentives. But according to a new report from Douglas Elliman and Miller Samuel, rents in the month of January hit, or nearly hit, record highs in Manhattan, Brooklyn, and Queens.
Last summer, the median rent in Manhattan hit $4,000/month for the first time ever. According to the report released last week, the median rent in the borough reached $4,097 in January 2023, a record-high amount for the month, and the third-highest on record overall. In January 2022, the median rental price was $3,550/month.
The median price for rentals in Manhattan last month was $3,000/month for studios, $4,000/month for one-bedroom units, $5,532/month for two-bedroom units, and $7,100/month for three-bedroom units.
When looking at luxury apartments in the borough, median rents rose 12.8 percent year over year, jumping from $9,750/month last January to $11,000/month last month, representing the third-highest level on record.
Brooklyn also faced higher rents this January than last. The average rental price in the borough last month jumped by 31.7 percent, from $3,162/month in January 2022 to $4,165/month in January 2023. The median rental price in Brooklyn only missed matching the record set in August by one dollar, according to the report.
The net effective average and median rents in northwest Queens rose to the highest on record. The median rent in this area skyrocketed by 14.2 percent from last year, reaching $3,369/month in January, compared to $2,950/month the year prior.
In an interview with Crain’s, Jonathan Miller, the author of the report, said renters should not anticipate rents coming down in the near future.
“This is generally the story across all the boroughs, that rents are either at or near record highs,” Miller said. “And it doesn’t suggest an upward trajectory like we saw last year, but we’re not seeing any evidence of the rental market becoming much more affordable to would-be tenants.”
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