This Thursday a report by Douglas Elliman, a broker, and Miller Samuel, a consulting and appraisal firm, was published confirming that rental prices in Manhattan increased 10% more than a year ago.
According to the analysis, the median cost of an apartment for rent for the month of May was $4,395, That price represents 3.6% more than in April when it stood at $4,241 dollars..
The figures presented by the firm show that costs have remained high for three consecutive months. “Since early 2022, when we were just beginning to think about whether the Federal Reserve was going to do something about rates and the slowdown in the purchasing market, there has been upward pressure on rents in Manhattan”said Jonathan Miller, president and CEO of Miller Samuel.
In details, rent for a one-bedroom apartment hit $4,275 last montha studio type was located at $3,200 dollars and two rooms at $5,400 dollars, that is, 8% more than a year ago.
Although rents are rising, according to Miller, “inventory is still lower than the long-term average,” he said, noting that for the past several months “they’ve been forecasting a recession, but until an adverse economic event occurs, it is difficult to imagine a significant drop in rents”indicated.
In other districts there was also an increase in rental prices, Brooklyn for example; it has remained for two consecutive months in a record medium with 1.4% more than in the month of April and 9.2% more than in 2022, the average price reaches $3,550 dollars. While in Queens it is at $3,402 dollars, this represents 15.3% more than last year.
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Source: La Opinion
