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Manhattan rents surge 23%, nearing all-time record

Manhattan rents surged 23% in January compared to the same month last year — approaching record highs that were reached just before the onset of the coronavirus pandemic. The median price of an apartment rental in Manhattan was $3,467 last month, according to a new report by real estate appraiser Miller Samuel. The record for highest ever median rental price in the borough for the month of January was set in 2020, when Manhattanites were paying $3,472. According to the data, there was a significant decrease in the number of listings on the market. In January 2021, there were 25,883 apartments in Manhattan that were listed for rent. Last month, that number plummeted to just 4,316 — an 83.3% drop. The record high median rental price for any month in Manhattan was set in April 2020, when tenants paid $3,540 — just 2.1% above the latest January level. In December, the average cost of Manhattan apartment rentals surged to the highest ever for that month, with landlords demanding double-digit rent increases amid sharply dwindling supply. The median rental price for Manhattan properties, including discounts, hit $3,392 in December — the highest for that month in more than a decade of record keeping and up 21% from the year-earlier December. When the pandemic was declared just weeks later and the state imposed closures and restrictions, it triggered a mass exodus of residents who fled the city for the suburbs, where they continued working from home. As a result, rent prices dipped considerably. But the lifting of lockdown measures and the mass vaccination drive has brought New Yorkers back to the five boroughs, where a lack of inventory coupled with high demand has sent rent prices skyrocketing once again. Renters won’t find much relief in the outer boroughs. The median rent price in Brooklyn for the month of January increased by 11.1% to $2,747 compared to January 2021, according to the report. Available apartments for rent in Brooklyn also dried up considerably last month. There were just 2,780 apartments listed for rent in Kings County for the month — an 86.4% drop compared to January 2021, when renters could pick from nearly 20,500 vacant units. The median rental price for apartments in Northwest Queens rose by more than 28% last month compared to the same period last year, according to the report. Renters in the area paid $2,811 last month — compared to just $2,185 in January 2021.

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