Despite a nationwide decline in rental rates, New York City has experienced a notable increase of 5.6%. Driven by limited housing supply and ongoing demand, particularly for smaller units in Manhattan, the median rent in the city has surged. The national median asking rent has dropped to $1,695, while New York's median for a one or two-bedroom unit stands at $2,967. Interestingly, Manhattan has seen even sharper increases, highlighting a potential revival in interest from young professionals post-pandemic.
"There seems to be a trend of smaller units receiving more demand in Manhattan than in the other, more affordable boroughs," says Realtor.com senior economist Joel Berner.
"The only place where the absorption rate has gone up is in the Northeast, where it jumped from 58% to 67% year over year."
The median rent for a 0-2 bedroom in Manhattan jumped a staggering 9% year over year, to $4,387, while the median rent for a 3-plus-bedroom is now $7,091.
While rents across the nation fall, the price tag that comes with living in the Big Apple has gone up, again.
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