NYC rents became even more expensive in April

Manhattan rents set new records for the third month in a row. The rental market remains competitive as the listing inventory is experiencing the most significant annual decline and vacancy rates remain low. 

The median rental price for leases signed last month in Manhattan reached $3,870, the new all-time high, according to the monthly report by Miller Samuel Inc. The median rent in this borough went up 6.2 percent or $226 from March and 38.7 percent or $1,079 from April 2021. 

Manhattan vacancy rates remained under 2 percent, and the listing inventory continues to decline across the market. Renters have to compete for a limited number of apartments available on the market and, as a result, bidding wars account for more than one in five new lease signings.  

“There were some suggestions that pricing was starting to peak or get close to it, but now we have this massive surge in April and signs it will keep going up,” Jonathan Miller, president of Miller Samuel told Bloomberg. “There’s still a tremendous potential for rental price records to be set and a continuation of extremely low vacancy.”

Brooklyn rents are experiencing a less dramatic increase. Last month, Brooklyn's median rent went up 1.5 percent and reached $2,998. The median rent in Northwest Queens rose 7.9 percent and exceeded Brooklyn's by $52. 

The demand from tenants remains high despite rising rents. Therefore, landlords have to offer fewer concessions to attract renters. In Queens, the market share of concessions fell to its second-lowest level in 5.5 years. 

Resources:
“April 2022 Manhattan, Brooklyn, & Queens Rentals,” by Jonathan Miller (Miller Samuel Inc, 2022)

“Manhattan Apartment Rents Hit Record With Intense Summer Ahead,” by Jennifer Epstein (Bloomberg, 2022)