Manhattan’s average rental price exceeded $5,000 for the first time ever in June — but that milestone didn’t stop New Yorkers from signing leases, according to a new report.
The average rent in Manhattan rose to $5,058 in June, up from $4,975 in May and $3,922 in June 2021, a Douglas Elliman report prepared by Miller Samuel Real Estate Appraisers & Consultants found.
Median rental prices stood at $4,050 last month, up from $4,000 in May and $3,249 in June 2021.
What You Need To Know
- The average rent in Manhattan rose to $5,058 in June, up from $4,975 in May and $3,922 in June 2021, according to a new report
- The increase marked the first time Manhattan's average rental price has ever exceeded $5,000, the report said
- In Brooklyn, the average rental price stood at $3,822 in June, up from $3,744 in May and $3,185 in June 2021
- And in northwest Queens, the average rental price rose from $2,913 in June 2021 to $3,297 in May 2022 and $3,352 last month
The average rental price in Manhattan in June was $3,145 for a studio, $4,278 for a one-bedroom, $5,722 for a two-bedroom and $9,469 for a three-bedroom, according to the report.
The borough also saw 5,143 new lease signings in June — a 4.2% increase from May, when renters signed 4,934 leases.
In Brooklyn, the average rental price stood at $3,822 in June, up from $3,744 in May and $3,185 in June 2021, the report said. The median rental price rose to $3,300, up from $3,250 in May and $2,704 last June.
Jonathan Miller, the president and CEO of Miller Samuel Real Estate Appraisers & Consultants, told NY1 both median and average rental prices in Brooklyn were “the highest in history” last month.
The average rental price was $2,824 for a studio, $3,240 for a one-bedroom, $4,040 for a two-bedroom and $5,454 for a three-bedroom.
In northwest Queens, meanwhile — a designation Miller said includes Astoria, Sunnyside, Long Island City and Woodside — the average rental price rose from $2,913 in June 2021 to $3,297 in May 2022 and $3,352 last month, according to the report.
The median rental price was $3,002 in June, up from $2,950 in May and $2,700 in June of last year.
Like Brooklyn, northwest Queens’ average rental price in June was the highest on record, Miller said. Median rental prices in northwest Queens were “the second highest in history,” he added.
And the surge in rental prices, Miller said Thursday, “doesn’t appear to be over.”
“The [Federal Reserve] policy of trying to slow down the housing market with a spike in mortgage rates, beginning a few months ago, and conservative bank underwriting, or mortgage lending, is pushing many people into the already-tight rental market, so it has made a tight market even tighter,” he said.
“New leasing activity on a seasonal basis peaks in August every year, and so we’re expecting more leasing activity through the summer, which should continue to keep the pressure on rents,” he added.
The record high rents the city is seeing, Miller noted, are “not unique to any of these boroughs, or New York City.”
“This is a national condition, where we’re looking at rents at or near record levels,” he said.