Manhattan rents are back to pre-pandemic levels after January spike

Median rent jumped 23% year-over-year to within $100 of all-time high

New York /
Feb.February 10, 2022 04:45 PM
(iStock/Illustration by Kevin Rebong for The Real Deal)

(iStock/Illustration by Kevin Rebong for The Real Deal)

Rents in New York City approached all-time records last month as inventory grew increasingly scarce.

The median rental in Manhattan cost $3,467 last month, according to the New York Post, which cited the latest report by appraisal firm Miller Samuel. That was up a little over 2 percent from $3,392 in December, but it represented a 23 percent spike from January 2021 — falling just $5 short of the January record set in 2020, when the median rental was $3,472 per month.

Manhattan rents peaked at $3,540 in April 2020, a record that will soon fall if the current trajectory holds: Rents were up 21 percent year-over-year in December, indicating that price growth in the borough accelerated into January.

Northwest Queens saw a similar surge. The median rent hit $2,811 in January, up more than 28 percent from $2,185 in January 2021.

Prices in Brooklyn also rose, although not nearly at the same rate. The median rent jumped 11.1 percent year-over-year in the borough, hitting $2,747 in January.

A major driver of price growth in the housing market during the past year has been a persistent shortage of listings. A similar trend is occurring in the city’s rental market.

The number of rental listings in Manhattan plummeted a shocking 83.3 percent year-over-year in January. While there were more than 25,000 apartments listed for rent in the borough in January 2021, just 4,313 were on the market last month.

Listings in Brooklyn were down 86.4 percent year-over-year, to fewer than 2,800.

Offices in New York City remain largely empty, but with Covid numbers falling, more employers are expected to call workers back to their desks for at least several days per week. Another driver of demand for city rentals was the return of in-person schooling. And some folks who fled the city early in the pandemic tired of the suburban or rural lifestyles they adopted.

[NYP] — Holden Walter-Warner





    Related Articles

    arrow_forward_ios
    Nestio's Caren Maio (Credit: Emily Assiran)
    “Like TurboTax”: Nestio launches online leasing
    “Like TurboTax”: Nestio launches online leasing
    (Credit: iStock)
    What you need to know about landlords’ challenge to New York’s rent law
    What you need to know about landlords’ challenge to New York’s rent law
    Among Brooklyn's priciest spots is DUMBO; pictured is the neighborhood's Main Street Park (Credit: iStock)
    Why fewer Brooklyn and Queens tenants are moving
    Why fewer Brooklyn and Queens tenants are moving
    Related CEO Jeff Blau and 455 Tenth Avenue (Chris Martin, Google Maps, iStock)
    Related launches lodging for executives’ hybrid work
    Related launches lodging for executives’ hybrid work
    Matt Lauer with 26, 28 & 32 Actors Colony Rd (Getty, Susan Breitenbach)
    Matt Lauer finds buyer for languishing Hamptons estate
    Matt Lauer finds buyer for languishing Hamptons estate
    Barbara Russo, Danielle Englebardt, and Oren and Tal Alexander (Getty, iStock BFA)
    Ranking the top residential brokers on the Upper East Side
    Ranking the top residential brokers on the Upper East Side
    From left: PropTech's Thomas Hennessy and Joseph Beck; Appreciate's Chris Laurence (Appreciate, LinkedIn/Tom Hennessy, LinkedIn/Joseph Beck, iStock)
    Single-family rental platform Appreciate to go public in SPAC deal
    Single-family rental platform Appreciate to go public in SPAC deal
    From left: Douglas Elliman's Scott Durkin, Stephen Kotler and Avi Dan-Goor (Douglas Elliman, iStock)
    Douglas Elliman bets on Vegas in westward expansion
    Douglas Elliman bets on Vegas in westward expansion
    arrow_forward_ios

    The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

    Loading...