Manhattan's average rent reached $5,450 in June, a 7% increase from the previous year. The median rent rose by 7.6% to $4,625. Inventory in Manhattan remained low, contributing to a decrease in the vacancy rate to 2.14%. Competitive rental conditions led to 25% of units being leased above asking prices, with an average premium of 11.2%. In Brooklyn, median and average rents also increased, although at a slower rate compared to Manhattan. Bidding wars were prevalent, with nearly 32% of rentals leased above the landlord's asking price.
The average rent in Manhattan surged 7% year over year to an all-time high of $5,450, marking the seventh consecutive month of price increases.
The borough's vacancy rate fell to 2.14%, down from 2.83% a year ago, indicating strong demand for rental units.
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