Rents in Manhattan are once again hitting new record highs, after cratering during the pandemic.
The median monthly rent for a Manhattan apartment was a record $3,700 in February. That was up 24% from a year ago and up an unusually large 4.2% from January, according to a report from brokerage Douglas Elliman and appraisal firm Miller Samuel."What we're seeing is a rapid rebound and an unprecedented climb in rental prices," said Jonathan Miller, president and CEO of Miller Samuel."In all categories, everything is going up.
A year ago, roughly 1% of new apartments leased at a rent higher than listed because of a bidding war, said Miller, which is close to a typical rate. But, in February, 18% of Manhattan apartments rented for more than the asking price.Short supply of apartments to rentThe inventory of rental apartments, which glutted the borough during the pandemic, dropped 81% in February from the year before. The vacancy rate, which was above 11% a year ago, dropped to just 1.32%.
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