Manhattan Apartment Rents Reach Record High Amid Declining Inventory
Average Manhattan apartment rents reached an all-time high of $6,655 in July, according to Corcoran Sunshine Marketing Group. Median rents held steady at June’s record-setting level of $5,295, up 6% from a year ago.
“Meanwhile, the number of signed leases rose 3% annually, while inventory dropped a substantial 22% over the same period,” said Corcoran Group COO Gary Malin. “This increased demand for apartments in the borough, coupled with reduced supply, has created a pressure cooker. Too many would-be tenants are seeking a shrinking number of available apartments. The city desperately needs to unlock or build more rental housing.”
Corcoran Sunshine reported more moderate conditions in Brooklyn, where the median rent declined slightly month-over-month to $4,257. Even so, Brooklyn inventory declined year-over-year while lease signings rose, as in Manhattan.
“New York’s unmatched appeal continues to attract people looking to put down roots, but years of policies that have discouraged investment by owners and developers have helped push rents and competition to new extremes,” Malin said.
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
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Greg Corbin
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Essex Property Trust, Inc.
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Josh A
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Bob Tuteur
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Andrew Schildcrout