In New York City, rental activity typically builds from spring to a peak in late summer. This year, rents have been staying high and repeatedly breaking records, according to a report from Douglas Elliman, a brokerage, and Miller Samuel, an appraisal and consultant firm. . That’s up 6% from a year ago and up 2.3% from June, when rents hit were at $4,300. A one-bedroom apartment in the borough had a median rent of $4,295, up 7.
“Because of the record-high rents, we’re starting to see a consistent decrease in leasing activity,” said Miller. “The rents are pressing higher to new records, and we are seeing people pull back.” Unlike the purchase market across the country, in which sales are dropping because there simply aren’t enough homes to buy, rental inventory in Manhattan is in pretty good shape.
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