The New York City rental market is making a comeback, evidenced by figures which show that the net effective median rent for Manhattan jumped 16.7% in November as compared to last year, and the net effective median rent for the entire New York City increased by 22.8% on a year-over-year basis.
In addition to rents soaring, the market share of concessions continued its steep decline, falling at a historic rate for the fourth consecutive month, demonstrating that landlords are finding it less necessary to offer bonuses like free months to entice prospective tenants.
“I think if you peel back the onion, you’re noticing the rental market is so strong because we have a severe inventory shortage,” Scott Durkin, CEO of Douglas Elliman said on Thursday. “Inventory shortage pushed up the need for rentals.”
Despite rising rental prices, Durkin says he doesn’t believe that the market will become inaccessible to people.
“New York is still cheaper to live in than San Francisco and in some cases Los Angeles,” he said. “So there’s no ripple effect here on what we’re seeing in New York.”
(YWN World Headquarters – NYC)
Join the official YWN WhatsApp status
3 Responses
Silly and meaningless statistic.
To know whether rents are up, you have to compare it to pre-covid times. Last year rents were artificially lowered by Covid. So, to compare to that is stupid.
It’s the Biden Inflation effect.
The MSM skews the facts, as usual. Every second storefront in Manhattan is empty, office buildings are emptying out, businesses are closing or moving out of state, high income people are moving. The only people moving to Manhattan are low-income earners who can afford the lowered rent rates. Basically, Manhattan, the former world-renouned business center, is turning into another low-income city that NYS will have to subsidize