NYC’s Summer Rent Forecast: High Prices, Little Relief
"It's a landlord's market," a broker said as Manhattan's rents hovered above $4,000 and keep setting records. A slew of new studies have revealed that New York City's nation-leading rents show little sign of cooling off as seasonal heat returns. Manhattan's typical rent surpassed a scorching $4,200 in April, the second month in a row it set a new record. The borough's rents are nearing $4k each, and the rental picture isn't much better in Brooklyn or Queens. Jersey City's $3,180 median one-bedroom now makes it the second-priciest rental city in the nation, surpassing San Francisco.
Published : 11 months ago by Matt Troutman in Weather
NEW YORK CITY — Prepare to get burned, New Yorkers who are on the hunt for apartments this summer.
New York City's nation-leading rents show little sign of cooling off as seasonal heat returns, according to a slew of new studies. Manhattan's typical rent surpassed a scorching $4,200 in April, the second month in a row it set a new record, according to a Douglas Elliman market report.
The borough's rents are nearing $4,500 as experts at sites such as UrbanDigs expect a busy summer market. "It's a landlord's market," said Adjina Dekidjiev, a broker at Coldwell Banker Warburg, in a statement attached to an UrbanDigs report.
Study after study in recent weeks has painted a depressing picture for renters ahead of the summer. New York City remains the priciest city in the nation, with May's typical one-bedroom rent at $3,780 and two-bedrooms at $4,000, a new Zumper study found.
Renters looking for greener pastures in the Garden State got some bad news from the Zumper study too. Jersey City's $3,180 median one-bedroom now makes it the second-priciest rental city in the nation, surpassing San Francisco, the study found. The rental picture isn't much better in Brooklyn or Queens.
April's rent in Brooklyn hit a record $3,500, eclipsing the previous high set in August 2022, the Douglas Elliman study found. Rents in northwest Queens also hit a record in April: $3,525, according to the Douglas Elliman study.
Topics: NYC