Landlords continue to see prices bounce back this summer:
The median rental price in Manhattan rose sharply last month, according to newly released data from Douglas Elliman. Net rents in the borough jumped 8.8% compared to April, while in Brooklyn prices increased by a comparatively modest 1.1%. Prices in both boroughs are still discounted compared to a year ago, in the range of 10%.
“As a whole, landlords are not being as aggressive [with discounting] as they once were, but it hasn’t impacted [rental] velocity,” says Gary Malin, chief operating officer of the Corcoran Group. “We entered the summer of 2021 with more choice for apartment seekers, who sometimes had to also pay more to secure a new home.”
Currently, the highest vacancy rates in Manhattan are in Midtown East and the East Village and Lower East Side , according to data from Corcoran Group. The Financial District and Battery Park City are the lowest , along with Greenwich Village and the West Village . Elliman’s latest report shows that, in Manhattan, the biggest discounts can be found on studios and one-bedroom apartments, where median rents are down 14.8% and 11%, respectively. Larger units are discounted by less than 8% overall.
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