NYC Apartment Hunters Hit Their Limits While Rents Keep Climbing
Costs in Manhattan, Brooklyn and Queens top previous records, but leasing volumes decline, signaling that renters have had enough.
Apartments for rent in Manhattan’s West Village.
Photographer: Alex Kent/BloombergThis article is for subscribers only.
New York City apartment rents hit new highs in July even as there were signs that prospective tenants pulled back from the market as it entered its traditional peak season.
Prices on new leases signed last month set records in the three boroughs surveyed by appraiser Miller Samuel Inc. and brokerage Douglas Elliman Real Estate. Manhattan’s median was $4,400, up 2.3% from June. Rents jumped 11% in Brooklyn to $3,950, and in northwest Queens — including Astoria and Long Island City — the median climbed 1.9% to $3,641.