Manhattan rentals have set another record, reaching a median of $4,300 in July, the latest report from Douglas Elliman finds. That marks a 9.3 percent increase from 12 months ago and the fifth all-time high hit in the last six months.
Studio apartments saw the biggest individual gain, up 11.8 percent at a median of $3,523.
Also, in the market, the average rent per square foot hit its second-highest total of all time at $90.55. The share of new bidding wars hit a new record of 28.9 percent as vacancies dropped by 42 basis points to 2.45 percent. The one downturn for Manhattan's rental segment was lease signings, which dropped by 1.7 percent to 7,578. But even that level represented the third-highest amount ever.
Douglas also posted data in a couple of other major NYC boroughs. In all of Brooklyn, median rents rose by 6.9 percent to $3,850. Studio prices saw an average gain of 8.3 percent, while new leases plunged by 3.5 percent.
The performance in Northwest Queens was stronger, with overall rents up 8.7 percent to $3,750. Studios again were the largest driver of gains, up by 9.6 percent. However, new leases saw the steepest decline of all regions tracked by Douglas, dropping by 6.9 percent.
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