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. A one-bedroom apartment had a median rent of $4,200, up 5% from last year; while a two-bedroom apartment had a median rent of $5,500, up 11% from a year ago. A studio apartment rents for a median price of $3,235, up 13.5% from last year.
But the data suggests that more renters are opting to stay put, given rental prices, with the number of new leases dropping sharply. New leases of apartments were down 20% from March and down 14% from a year ago. “The drop in new leases indicates that there is a sharp increase in lease renewals,” said Miller. “It means the tenant consumer has accepted that we’re not going to see any improvement in affordability in the near term.
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