The Manhattan rental market maintained its steady highs last month, as demand for housing remained elevated.
Median rent for a brokered apartment in Manhattan reached $4,500 in April, tying the all-time record set in February, according to the monthly rental report from Douglas Elliman and Miller Samuel. Median Manhattan rent has increased 5.9% since April 2024.
The highs in the rental market are mirrored in the sales market, an unusual combination that reflects current economic conditions, said Jonathan Miller, president and CEO of Miller Samuel and author of the report.
“They are not polar opposites but they generally are not in sync, the rental market and the purchase market,” Miller said. “All the chaos and confusion with economic policy coming out of Washington creates less predictability in housing trends.”
Competition for an apartment was also sharp in April, with Manhattan homes renting for 2.4% more than their listing prices. Across the city, nearly 26% of apartments were subject to a bidding war.
“Conditions remain tight,” Miller said. “We have this rental market that is continuing to become less affordable.”
Tight conditions are due in part to population growth in the city, Miller said. New York’s population has grown over the past two years after shrinking during the pandemic, according to an analysis by the Citizens Budget Commission.
However, some markets saw rents flatten. Median rent for the Manhattan luxury market, defined as the top decile of homes by price, was $10,000 in April, down 4.8% from March and unchanged from a year ago.
The median rent in Brooklyn was also mostly flat. At $3,600, it decreased 2.7% in April from March and was unchanged from April 2024. Inventory in the borough grew to 5,772, up 18.3% from March and 46.3% from April 2024. Renters in Brooklyn, however, paid 4.2% more on average than the listing price for their apartments.
Northwest Queens, which includes the neighborhoods of Astoria, Long Island City and Sunnyside, saw larger increases in rent prices. The median rent went up to $3,550 in April, 2.9% higher than March and 9.4% higher than April 2024. Inventory in the area increased dramatically, rising 70% from a year earlier.
The data in the report is sourced from New York brokerages and is not adjusted for inflation.
