New York City Rents Are Breaking Records—And Are Expected to Keep Growing

Median rent in Manhattan for May broke the record high for the third month in a row as it rose to $4,395, up from April’s median of $4,241. Rent was up 9.9% year-over-year. Records were also set in Brooklyn and rents were at their second highest ever in Northwest Queens, according to data from Miller Samuel Inc. and brokerage Douglas Elliman Real Estate.1

After a lull in April, new lease signings surged again in May. New signings were up 30.3% in May, after falling 20.4% in April.

“In April, the downturn in new lease signings probably had something to do with the people pausing for the banking crisis that began in March,” said Jonathan Miller, the president of Miller Samuel. “In May, it just continued back to trend, where we saw a real sharp month-over-month uptick in rents.”

Data retreived: https://www.investopedia.com/manhattan-rents-reach-record-7509613