Influx of high-priced rentals has pushed Manhattan’s median price up
May’s rental transactions of $15,000 or higher more than doubled compared to last year.
An influx of new development rentals, and a large number of new leases signed over $15,000, pushed median rental prices up in Manhattan this May according to Douglas Elliman’s monthly market report tracking rental prices in the borough as well as Brooklyn and Queens. In Manhattan, May’s median rental price increased 2.2 percent from last year to $3,475, while the average rental price rose 4.4 percent, to $4,208. Jonathan Miller, author of the report, explains that the only reason for that price bump “is that there was simply a lot more new development rental product in the mix.” Read more