In February, Manhattan's median rental price hit a record high of $4,500, a 6.4% increase compared to the same time last year. This surpasses previous peaks from the summer of 2023. Average rent also climbed approximately 4.6% to nearly $5,400. Despite a 12% drop in new leases from January, new leases increased slightly year-over-year. Brooklyn and parts of Queens also saw notable rental price surges, with Brooklyn's median climbing to $3,600 and Queens' median rent increasing by 7%. The trends indicate robust demand in New York's rental market.
The median rental price in Manhattan hit a record high of $4,500 in February, marking a 6.4% increase from last year, reflecting ongoing demand in the rental market.
While new leases in Manhattan decreased by 12% compared to January, annual figures show a slight increase, indicating underlying demand despite the short-term drop.
Brooklyn's rental market also surged, with the median price rising to $3,600 in February, reflecting broader trends of increasing rents across various New York City boroughs.
Queens experienced notable rental increases too, as median rents rose by 7% year-over-year, highlighting the competitive rental market dynamics in New York City.
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