In May, Manhattan’s rental prices hit a historic high, increasing by 7% compared to the same period last year, with no signs of a short-term cooldown.
According to the latest market report from The Corcoran Group, cited by The Crain’s, the median rent in Manhattan for May was $5,125 per month, up 1% from the previous month and 7% from the same period last year.
The report from The Corcoran Group highlighted that due to demand consistently surpassing supply, this rental level has “once again hit a historic high.” Not only did various types of units set records, but rental prices for studio apartments and one-bedrooms particularly reached new heights.
Especially in non-doorman buildings, demand was high, with both the median and average rents for such buildings hitting historic highs last month at $4,496 and $5,710 per month respectively. The median rent for doorman buildings was $5,333, slightly below the record high set earlier this year.
Meanwhile, the decrease in available listings in May was particularly severe, with a 21% drop from the previous month. This marks the fourth consecutive month of double-digit decreases in the number of listings.
However, the supply situation in Brooklyn was relatively better, with only a 5% decrease in active listings.
In May, there were 4,655 new lease signings in New York City, a 2% decrease from April and a 6% decrease from the same period last year. The report suggests that the decline in lease signings is not due to a cooling demand but rather a lack of supply.