New York City continues to stay expensive. Particularly, median rents in Manhattan ticked up 6.4 percent year-over-year to hit a record of $4,500 in February, according to a report from Douglas Elliman.
Amongst property types, loft apartments shot up the most on an annual basis, surging by 25 percent to $8,750. Doorman rentals saw the smallest increase, with a four percent rise to $5,230.
Another category that set a record in Manhattan's rental sector was price per square foot, which increased by 7.6 percent to $90.65.
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Vacancies saw a small decrease of nine basis points versus the same month in the previous year.
Also, new leases reached 4,377, up by a modest 0.6 percent.
The performance of Brooklyn and Northwest Queens were also included in the report.
Average rents in Brooklyn rose by 6.3 percent to $4,035, while prices per square foot (just as Manhattan did) hit a record, at $59.15, representing a seven percent increase. New leases were strong, with signings surging by 17.5 percent to 2,936. Also, bidding wars jumped by 35.1 percent. This was, according to Douglas, the "highest ever recorded, with the average premium paid above the asking price at 12.9%."
Northwest Queens saw significant rental growth, with prices reaching $3,466, up by seven percent from February 2024. New leases totaled 667, a 12.9 percent rise while bidding wars leaped by 21.4 percent. On the negative side, concessions saw an uptick to 19 percent compared with 11.8 percent in the same month a year ago.
For all of 2024, NYC's multifamily sector brought in $8.91 billion in dollar volume, a 14 percent gain from the previous year, according to a report from Ariel Property Advisors. Plus, transactions went up by four percent to 1,107.
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