The apartment rental market in New York City is experiencing a significant surge, with record-high median rents reported in both Manhattan and Brooklyn for the month of February. According to a recent report from Douglas Elliman, Manhattan’s median rent rose by 2% from January and 3.3% year-over-year to reach $4,290. Similarly, Brooklyn’s median rent remained flat at $3,499 compared to the previous month but saw an annual increase of 3%. The number of new leases signed also saw a sharp rise in both boroughs, indicating strong demand.
In addition to rising rents and increased leasing activity, there has been a notable increase in listing inventory for Manhattan – up by 33% year-over-year – with properties spending less time on the market. In Brooklyn as well, rental agreements have surged by an impressive 62%, accompanied by heightened competition among renters and reduced marketing time.
While Queens’ neighborhoods Astoria and Long Island City have maintained stability in terms of rental trends; overall citywide data reflects a tightening market scenario.
