Up Up and Away: Manhattan Rents Highest in Five Years

If you’re looking for a Manhattan rental you may want to act quickly as rents are trending upwards in the recently sluggish rental market.

According to Douglas Elliman’s May 2014 Rental Report the median rent of an apartment in Manhattan will set you back $3,300, an increase of 3.1% over the same period last year – and the highest it’s been in 5 years. While record low interest rates spurred sales towards the end of last year and kept rental prices down, a tighter credit environment seems to have contributed to the recent uptick.

However, Brooklyn rents appear to have leveled off after a sharp gain over the last year. While median rents in the borough this past February saw rents creep ever so closely to their Manhattan counterparts, coming within $210, the gap has once again widened to about $500.

[via Crain’s New York]

Main photo courtesy of New York Habitat