Rent 'Unexpectedly' Breaks Records In Manhattan, BK, Queens: Study
The rent has never been higher for a February across three boroughs, according to a new study. A report by Douglas Elliman real estate company and appraisers Miller Samuel has found that New York City's rents have hit record highs in February, according to the study. The study, which used the term "unexpectedly," found that rent in Manhattan, Brooklyn and Northwest Queens unexpectedly increased, surprising since rent had been on a downward or flat trajectory. Manhattan's typical rent in February was $4,230, nearly 21 percent higher than pre-pandemic levels, and median rent in Brooklyn and Queens was $3,499 and $3239 respectively.
Published : 2 months ago by Matt Troutman in Finance
NEW YORK CITY — February may be cold, but that didn't stop New York City's rents from hitting record highs, a new report found.
Rent in Manhattan, Brooklyn and Northwest Queens broke records for a February, according to an analysis by Douglas Elliman real estate company and appraisers Miller Samuel. And last month's highs apparently came as a surprise.
The word "unexpectedly" is used in the study's summaries for the three boroughs. "Median rent and rental price per square unexpectedly increased to the highest for a February on record," the summary for Manhattan reads.
Similar language is used for Brooklyn and Northwest Queens. The surprise came after rent for those three boroughs appeared on a largely downward or flat trajectory in recent.
So, how high were the highs?
Manhattan's typical rent in February stood at $4,230, nearly 21 percent higher than pre-pandemic levels, the study found.
Median rent in Brooklyn and Queens stood at $3,499 and $3,239, respectively, according to the study.
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