Manhattan apartment rents climb during busy February for leasing
MANHATTAN apartment rents rose in February as a strong economy and tough sales market translated into a busy month for leasing.
The median rent on new leases signed last month was US$4,230, up 3.3 per cent from a year earlier, according to appraiser Miller Samuel and brokerage Douglas Elliman Real Estate. The monthly figure is below a record US$4,400 reached last summer.
Prices in Brooklyn climbed 2.9 per cent to US$3,499 and in northwest Queens, the median was up by US$1 to US$3,239.
Rents typically drop during the winter, but prices eased up less than expected this year, according to Jonathan Miller, president of Miller Samuel. Relatively low unemployment has boosted the market, and many house hunters are stuck renting as high mortgage rates make buying a property tougher.
“The economy has been too strong, for the time being at least,” he said.
Nearly 4,350 leases were signed in Manhattan in February, a 7.7 per cent increase from a year earlier. Leases in Brooklyn jumped 62 per cent to 2,498, while in northwest Queens – a part that includes Long Island City and Astoria – they reached a record of 591.
A NEWSLETTER FOR YOU
Property Insights
Get an exclusive analysis of real estate and property news in Singapore and beyond.
As spring approaches in New York City, apartment costs often start to rise. Rents climbed 1.9 per cent month over month in Manhattan and 1.2 per cent in Queens, while they were flat in Brooklyn. Renters may face more increases in the coming season as the market gets closer to its busiest months, Miller said. BLOOMBERG
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Property
Tuan Sing confirms acquisition of Fraser Residence River Promenade for S$140.9 million
Consortium led by UOL, CapitaLand places top bid of S$805.39 million for Holland Drive site
China’s property ‘whitelist’ lifeline stutters amid sector gloom
CDL acquires Hilton Paris Opera Hotel from Blackstone funds for 240 million euros
Vang Shuiming sentenced to 13 months, six weeks’ jail
Big-name funds pile into real estate debt as banks retreat