Median apartment rents in Manhattan, Brooklyn and northwest Queens have reached new heights, according to appraisal firm Miller Samuel. April marked the second consecutive month of record highs for Manhattan with a median monthly rent of $4,241 – an 8.1% increase from the previous year. Additionally, concessions paid by landlords dropped to their lowest level since November 2019 prior to the pandemic.
Brooklyn also saw a new high surpassing last August’s record as net effective median rent and median rent both rose significantly while annualized lease signings fell for the first time in three months.
Northwest Queens experienced similar trends with all price trend indicators reaching records highs while listing inventory expanded annually for two consecutive months alongside falling annualized lease signings for two out of three months reported by Miller Samuel’s Jonathan Miller .
