Manhattan median rents hit another high in March | CNN Business

Typically, rental activity builds from the spring to a peak in late summer, but median rent last month was the highest on record, according to a report from Douglas Elliman, a brokerage, and Miller Samuel, an appraisal and consultant firm. The median cost of renting an apartment in Manhattan was $4,175 in March. That’s up 12.8% from a year ago and up 2% from February, and marks the highest since last July, when rent was $4,150. A one bedroom apartment had a median rent of $4,150, up 9.

” A main driver for rents remaining strong in Manhattan in March is that mortgage rates have doubled from a year ago, making purchasing a home unaffordable for many buyers. In addition, the failure of some banks in March created uncertainty that may have encouraged some people considering buying to rent instead, pushing the prices higher, said Miller. New leases in March were up 15.4% from last year, according to the report, and leasing activity jumped 20.5% from February.

I see NYC’s future and it isn’t bright. Get out now, while you still can.

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