Manhattan Apartment Rents Hit Record With Intense Summer Ahead
With vacancies tight and the market entering its busiest season, costs are predicted to rise even higher.
Apartment buildings in New York.
Photographer: Jeenah Moon/BloombergThis article is for subscribers only.
Manhattan apartment rents soared in April to a record high for a third consecutive month, and signs point to even costlier rates on the horizon.
Tenants paid a median of $3,870 on new leases signed last month, according to a report Thursday by appraiser Miller Samuel Inc. and brokerage Douglas Elliman Real Estate. That’s up 6.2% from the previous record set in March and 39% from April 2021. In raw numbers, the median rent jumped $226 from March to April, much bigger than the $14 increase from February to March.