We all know living in NYC isn’t cheap and that soaring rents are pricing out a third of tenants, but according to reports, NYC rents actually reached record highs and near-record highs in Manhattan, Brooklyn, and Queens in March 2023.
A new report from Douglas Elliman and Miller Samuel tracks Manhattan, Brooklyn, and Queens rental prices back to January 2020, and the results are astonishing–though sadly not surprising.
The numbers show Manhattan rent peaking in July of last year, making it the first time it’s hit $4,000/month. The median rent rose 13% annually, reaching a shocking $4,175 in March 2023–the third-highest on record and 16% higher than pre-pandemic levels. In comparison, the median rent in March 2022 was around $3,700/month.
Median rental prices in Manhattan this past March were as follows:
- Studio – $3,190/month
- 1 bedroom – $4,150/month
- 2 bedroom – $5,680/month
- 3 bedroom – $7,000/month
And, as rent rose, vacancy rate slipped for the first time in nine months, increasing from 1.89% in March 2022 to 2.54% in March 2023.
As for Brooklyn, the average rental price jumped from $3,400/month in March 2022 to $3,844/month in March 2023, a whopping 16.4% increase. The average rental price per square foot jumped 9.4% annually to a new record of $50.71.
Median rental prices in Brooklyn this past March were as follows:
- Studio – $2,997/month
- 1 bedroom – $3,262/month
- 2 bedroom – $3,700/month
- 3 bedroom – $3,800/month
Northwest Queens saw one of the highest median rents on record, jumping 13.9% from last year and clocking in at $3,300/month compared to last year’s $2,898/month.
In Queens the number of new leases increased annually by 5.3% to 497, though it remained 23.1% above pre-pandemic levels and represented the third monthly increase in four months.
Median rental prices in Queens this past March were as follows:
- Studio – $3,072/month
- 1 bedroom – $3,200/month
- 2 bedroom – $3,853/month
- 3 bedroom – $3,650/month