The net effective median rent in New York City rose to new highs in April at the largest rate on record.
Snapshot of Manhattan Rentals
To say April’s rental market in Manhattan was hot is a gross understatement. Median rent prices jumped by the highest annual rate on record to the highest level on record. April 2022 saw the most significant drop in listing inventory for the month of April on record and the vacancy rate remained under -2% for the fifth straight month.
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Key:
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Take a look at some specifics:
- Average rental price – $4,822, +32.1% y/y
- Median rental price – $3,928, +31.9%
- New development median rental price – $6,075 – +35.0% y/y
- Existing median rental price – $3,850, +31.6% y/y
- Luxury average rental price – $12,836. +37.5% y/y
- Luxury median rental price – $10,000, +33.3% y/y
- Number of new leases – 4,494, +6.6% m/m
- Days on market – 29 days, -29.9%
- Listing inventory- 4,709, -77.3%
- Vacancy rate – 1.55%
- Bidding wars – 21.3% market share of new signings
- Average premium above list – 10.7%
Snapshot of Brooklyn Rentals
The net effective median rent in Brooklyn jumped to the third-highest level on record.
Take a look at some specifics:
- Average rental price in April – $3,517, +12.4%
- Median rental price – $3,048, +11.6%
- Luxury median rental price – $6,850, +18.1% y/y
- Luxury entry price threshold – $5,350, +18.1%
- New development median rental price – $3,750, +25.0%
- Number of new leases – 1,566, -28.0%
- Days on market – 29 days, -39.2% y/y
- Listing inventory – 2,551, -84.2%
Snapshot of Queens Rental Market in April
The net effective median rent in Queens increased y/y at the second-largest rate to the highest level on record.
Take a look at some specifics:
- Average rental price in April – $3,348, +17.2%
- Median rental price – $3,125, +21.1%
- Luxury median rental price – $5,943 – +15.3%
- Luxury entry price threshold – $5,354, +24.5%
- New development median rental price – $3,815, +33.2%
- Days on the market – 30 days, -57.7% y/y
- Listing inventory – 409, -88.8% y/y
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Thanks to Douglas Elliman.
