If you’re on the hunt for a new rental in the Big Apple, now might not be the best time to make the move
prepared and published by Miller Samuel Real Estate Appraisers & Consultants and Douglas Elliman Real Estate breaks down the numbers behind this spring’s competitive apartment market.The report indicates that the median rent in Manhattan hit a new high for the second month in a row. The new median rent is over $4,200, beating its previous record-high in March of $4,175.
Median rent in Manhattan has risen around 8% year-over-year, and new leases year-over-year dipped nearly 14%. The average rental price, as of April 2023, in this borough for a one-bedroom is just shy of $4,300, while a studio comes in at slightly under $3,300 on average.
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