What to Know
- A report prepared and published by Miller Samuel Real Estate Appraisers & Consultants and Douglas Elliman Real Estate breaks down the numbers behind this spring’s competitive apartment market.
- The report indicates that the median rent in Manhattan hit a new high for the second month in a row. The new median rent is over $4,200, beating its previous record-high in March of $4,175.
- The median rental price in Brooklyn as of April 2023 was around $3,500, average studio price of nearly $2,900, and a one-bedroom can be found for roughly $3,350 on average.
If you’re on the hunt for a new rental in the Big Apple, now might not be the best time to make the move.
A report prepared and published by Miller Samuel Real Estate Appraisers & Consultants and Douglas Elliman Real Estate breaks down the numbers behind this spring’s competitive apartment market.
Manhattan
The report indicates that the median rent in Manhattan hit a new high for the second month in a row. The new median rent is over $4,200, beating its previous record-high in March of $4,175.
Median rent in Manhattan has risen around 8% year-over-year, and new leases year-over-year (excluding renewals) dipped nearly 14%. The average rental price, as of April 2023, in this borough for a one-bedroom is just shy of $4,300, while a studio comes in at slightly under $3,300 on average.
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Brooklyn
News
Although prices over in Brooklyn are slightly cheaper, the changes have been more drastic, the report found.
The median rent year-over-year climbed almost 15%, while 24% less new leases (excluding renewals) hit the market.
The median rental price as of April 2023 was around $3,500, average studio price of nearly $2,900, and a one-bedroom can be found for roughly $3,350 on average.
The median rent is record-worthy as well, after the previous record was set last August.
Northwest Queens
Apartments in Northwest Queens had the lowest year-over-year median rent increase of just under 13%, with the price point at around $3,500. The area however had the largest dip in new lease options, seeing a decrease of 33.3% (excluding renewals) year-over-year.
Prices in April 2023 split the difference between those seen in Manhattan and Brooklyn. An average studio is marked at $3,000 and a one-bedroom at a little over $3,400.
All About Timing
Apartments typically fly off the shelves quickly, especially in a couple of boroughs. Manhattan and Brooklyn both saw a decrease in year-over-year marketing time (days on market), with Manhattan at a 20-day decrease and Brooklyn at a 15-day decrease.
Northwest Queens meanwhile saw an 11-day increase year-over-year, so potential residents may have some more flexible timing when finding their apartment match.
