Manhattan Average Rents Hit $5,113 in July

It gets more and more expensive to rent an apartment in Manhattan. A new monthly report by Miller Samuel and Douglas Elliman found average rents in Manhattan reached a record high of $5,113 in July.

The average rental price in Manhattan is up 27.5% from a year ago.

In Manhattan according to the report, the upward trajectory of rental prices continued this month as the use of landlord concessions continued to fade. The net effective median rent, face rent minus landlord concessions, surged 33.4% year over year to $4,100, exceeding the $4,000 threshold for the first time and reaching a new high for the seventh consecutive month.
Median rent jumped 29.4% annually to $4,150 for the sixth straight monthly record. The net effective average rent jumped 31.5% to $5,051, exceeding the $5,000 threshold for the first time and reaching a new high for the third consecutive month.

In Brooklyn, the average rental price in July was $3,883, up 16.8% from 2021. The Miller Samuel report in Brooklyn found the net effective median rent, face rent minus landlord concessions, surged 20.8% yearly to $3,370, reaching a new high for the third consecutive month. Median rent jumped 18.3% annually to $3,400 for the second straight monthly record. The net effective average rent jumped 19.3% yearly to $3,848, reaching a new high for the fourth consecutive month. The average rent rose 16.8% to $3,883 for the second monthly record.

For Northwest Queens, Miller Samuel’s report found rents at $3,426 in July, up 11.5% from a year ago. The net effective median rent, face rent minus landlord concessions, rose 16.8% yearly to $3,129, reaching a new high for the second time in four months. Median rent increased 10.4% yearly to a new record of $3,146 for the second in four months. The net effective average rent jumped 17.9% annually to $3,407, reaching a new high for the third time in four months. Average rent rose 11.5% to a new record of $3,426 for the third in four months.