Overview
- The Elliman/Miller Samuel report shows Manhattan’s average rent reached $5,686, up about 13 percent year over year, with the median at a record $4,750.
- Renters continued to bid above asking prices, with Manhattan’s listing discount at -0.9 percent in November, while Brooklyn and Queens registered -2.1 percent and -1.7 percent.
- Manhattan’s vacancy rate was 2.56 percent, below the decade’s November average, and new leases rose 2.1 percent, underscoring tight conditions.
- Brooklyn’s median rent climbed 8.7 percent to $3,804 as new lease signings fell 27.3 percent; Queens’ median rose 1.5 percent to $3,510 with signings down 10.5 percent.
- Market participants cite high mortgage rates keeping would-be buyers in rentals, with brokers also attributing an immediate lift to rents from the FARE Act fee shift and reporting the strongest competition in downtown neighborhoods like the West Village, Tribeca, and West Chelsea.