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
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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.
Brooklyn
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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.
I'm an enthusiast deeply immersed in real estate trends and data analysis, specializing in the dynamics of rental markets. My expertise is rooted in a thorough understanding of reports, such as the one prepared and published by Miller Samuel Real Estate Appraisers & Consultants and Douglas Elliman Real Estate, the very report that sheds light on the competitive apartment market during the spring of 2023.
The report meticulously details the evolving landscape of rental prices in Manhattan, Brooklyn, and Northwest Queens, providing a comprehensive overview of the current market conditions. As someone deeply versed in this subject, I can break down the key concepts presented in the article:
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Median Rent in Manhattan:
- The report reveals that the median rent in Manhattan has reached a new high for the second consecutive month, surpassing $4,200. This surge has outpaced the previous record set in March at $4,175.
- Year-over-year, median rent in Manhattan has seen an 8% increase. New leases, excluding renewals, have experienced a notable dip of nearly 14%. Average rental prices in April 2023 for a one-bedroom stand just under $4,300, while a studio is priced slightly below $3,300 on average.
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Rental Trends in Brooklyn:
- Brooklyn, while offering relatively lower prices compared to Manhattan, has witnessed significant changes. The median rent in Brooklyn has surged almost 15% year-over-year, and new leases (excluding renewals) have decreased by 24%.
- The median rental price in Brooklyn as of April 2023 is around $3,500, with an average studio priced at nearly $2,900 and a one-bedroom at approximately $3,350.
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Northwest Queens Rental Dynamics:
- Northwest Queens stands out with the lowest year-over-year median rent increase of just under 13%, reaching around $3,500. However, the area experienced a substantial decrease of 33.3% in new lease options (excluding renewals) year-over-year.
- Prices in April 2023 in Northwest Queens fall between Manhattan and Brooklyn, with an average studio marked at $3,000 and a one-bedroom at a little over $3,400.
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Market Timing:
- The article emphasizes the importance of timing in the rental market. Apartments in Manhattan and Brooklyn are in high demand, reflected in a decrease in year-over-year marketing time (days on market) — 20 days in Manhattan and 15 days in Brooklyn.
- In contrast, Northwest Queens saw an 11-day increase year-over-year in marketing time, potentially offering more flexibility for prospective residents in finding their ideal apartments.
This comprehensive analysis underscores the nuances of the current rental market in New York City, providing valuable insights for anyone navigating the dynamic landscape of apartment hunting in the Big Apple.
