Renting an apartment in the city just got even more daunting. The average monthly rent for an apartment in Manhattan has surpassed $5,000 a month for the first time ever, according to a new report from Miller Samuel Douglas Elliman.
Median rents in Manhattan are up almost 25% from last year. Vacancies in Manhattan are down almost 5%.
In Brooklyn, median rents are up 22%. The inventory is drastically lower, down almost 71%.
In northwest Queens, median rents are up more than 11%, while inventory is down more than 85%.
Dottie Herman, the Vice Chair of Douglas Elliman, says the real estate market in the city has finally fully recovered after the COVID-19 pandemic.
"To see the recovery made in such a quick time really says so much about New York City," Herman said.