July 14, 2022

Average Manhattan rent tops $5,000 for the first time ever

According to a June market report, the average rental tab in Manhattan has surpassed $5,000 for the first time in the city's history, the New York Post reports. The recent numbers, compiled by Douglas Elliman and Miller Samuel, show that the average Manhattan rent was $5,058 per month in June, a 1.7 percent uptick from the $4,975 May average–and a head-spinning 29 percent year-over-year spike from the $3,922 June 2021 average.
Brooklyn, Queens rents are up, too
June 11, 2015

98 Percent of Manhattan Rentals Are Occupied, Rents Keep Rising Everywhere

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.
more here
January 8, 2015

Rents in Brooklyn Still Up Even with a Boom in New Listings

MNS has just released the December rental reports covering Manhattan and Brooklyn. Far from surprisingly, rents were up in both boroughs, each seeing a solid increase year over year. But one finding that definitely stood out was Brooklyn's 9 percent uptick in new listings between November and December 2014. Whether rents will reflect the new inventory the coming months has yet to be seen; November on December figures slow only the slightest decrease with average rents falling from $2,677 to $2,666 (a 0.39 percent drop). Bigger picture figures show that since December 2013, rent prices have increased 3.08 percent rising from $2,587 to $2,667 in December 2014. Brooklyn neighborhoods that did especially well last year included Boerum Hill, which saw an average rent increase of 15.7 percent from $2,668 in December 2013 to $3,088 in December 2014; and Prospect-Lefferts Gardens, which saw a 9.5 percent increase since December 2013—a continuing trend for the nabe. So, is Brooklyn still having its moment?
More details on Brooklyn and the Manhattan dispatch this way
July 10, 2014

Brooklyn Rents on the Rise With Crown Heights and Bed-Stuy Leading the Charge; Manhattan Rents Relatively Stable

This past week there has been a lot of talk about Crown Heights and Bed-Stuy finally having their "moment", and it looks like there are numbers in to back that up. MNS's June rental market report for Brooklyn and Manhattan reveal that both developers and renters are looking to move away from saturated areas like Williamsburg and DUMBO. By MNS's measure, average rents in Brooklyn increased from $2,556 to $2,741, or 6.2%, as compared with June of last year — very much driven by rent hikes in gentrifying areas. Manhattan rents on the other hand fell just slightly.
More on the Brooklyn and Manhattan rental markets here

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