Real Estate

Bank-busting NYC rents reach a record high — again

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Social Links for Zachary Kussin
Published June 8, 2023, 11:46 a.m. ET

Bright lights, big city — and big prices to match.

For the third month in a row, and leading into the typically hectic summer rental season, median rents in Manhattan reached yet another record high in May.

That’s according to the latest rental market report from appraisers Miller Samuel and brokerage giant Douglas Elliman, which tallied the borough’s median rent price at $4,395 per month — a 3.6% month-over-month climb from April’s $4,241-per-month median.

That April figure marked a 1.6% month-over-month increase from March’s $4,175 median, which broke last July’s record of $4,150.

The report notes that demand, naturally, is high. New lease signings (5,041 in Manhattan in May — up 30.3% from the previous month) returned to seasonal trends after a lull due to the banking crisis.

May’s record median rent — which equals $52,740 paid over the course of 12 months — additionally jumped by 9.9% from last May’s $4,000 median.

For the third consecutive month, the median Manhattan rent broke a new record.
For the third consecutive month, the median Manhattan rent broke a new record. AFP via Getty Images
Trends of increased prices in Manhattan come some two years after a price rebound from COVID-era lows.
Trends of increased prices in Manhattan come some two years after a price rebound from COVID-era lows. Getty Images

The median rent is often referred to by industry experts as the more reliable way of tracking prices — and is the mid-point value of the total price samples. Average rent, meanwhile, is the sum of all rents divided by the number of samples.

Manhattan’s average rent hit $5,379 in May — 2.1% above April’s $5,270 and 8.1% above last May’s $4,975. The report does not specify this figure as a record.

Amid the demand, city renters also now have more options to choose from. Listing inventory in Manhattan reached 6,998 units, up 7.4% from April’s 6,518 and surging 21.2% above the 5,776 dwellings counted last May.

The report does not include The Bronx or Staten Island data.

That said, Brooklyn also saw median rents reach a record high, but only for the second straight month. There, May saw a $3,550 median, up 1.4% month-over-month from $3,500. Year-over-year, that’s 9.2% north of that May’s $3,250.

In northwest Queens, median rent was at its second-highest level on record — hitting $3,402 in May. Unlike the other two areas, that marked a 3.5% monthly decline from April’s $3,525. Year-over-year, that’s skyrocketed more than 15% from last May’s $2,950.