what to know
- And report 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, surpassing its previous record of $4,175 in March.
- The median rental price in Brooklyn as of April 2023 was around $3,500, the median price for a studio nearly $2,900, and a one-bedroom apartment can be found for about $3,350 on average.
NEW YORK — If you’re looking for a new rental in the Big Apple, now might not be the best time to move.
And report 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.
Manhattan
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, surpassing its previous record of $4,175 in March.
Median rent in Manhattan is up about 8% year-over-year, and new leases year-over-year (not including renewals) are down nearly 14%. The median rental price, as of April 2023, in this county for a one-bedroom apartment is just $4,300, while a studio costs just under $3,300 on average.
Brooklyn
Although prices in Brooklyn are slightly cheaper, the changes have been more drastic, according to the report.
Median year-over-year rent was up nearly 15%, while 24% fewer new leases (excluding renewals) came to market.
The median rental price as of April 2023 was around $3,500, the median price for a studio nearly $2,900, and a one-bedroom apartment can be found for about $3,350 on average.
Median rent is also record-worthy, after the previous record was set last August.
northwest queens
Apartments in Northwest Queens had the lowest year-over-year median rent increase of just under 13%, priced around $3,500. However, the area had the largest drop in new lease options, down 33.3% (not including renewals) year-over-year.
Prices in April 2023 split the difference between those seen in Manhattan and Brooklyn. An average studio is marked down at $3,000 and a one-bedroom apartment at just over $3,400.
all about time
Apartments often fly off the shelves quickly, especially in a couple of counties. Both Manhattan and Brooklyn saw a year-over-year decrease in time to market (days on market), with Manhattan down 20 days and Brooklyn down 15 days.
Meanwhile, Northwest Queens saw an increase of 11 days year-over-year, so potential residents may have a more flexible time finding their right apartment.
2023-05-19 02:08:56
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