Manhattan Rents Continue to Soar to Record Highs, While New Lease Signings Fall
The sobering news, highlighted in an analysis by the companies Douglas Elliman & Miller Samuel, indicates that “all-time highs” in median rent were reached for the third time in four months. As of July 2023, that record stood at $4,400.
![Manhattan Rents Continue to Soar to Record Highs, While New Lease Signings Fall The Murray Hill Tower Apartments on E. 40th Street. Median rents in the borough hit another record high of $4,000 in July, according to a new analysis by the companies Douglas Elliman and Miller Samuel.](http://www.westsidespirit.com/binrepository/267x432/0c0/0d0/none/3502612/XTPT/screen-shot-2023-08-14-at-2-22-23-pm_4-6702986_20230901102049.jpg)
Median rents in Manhattan have increased by six percent annually and reached an astounding $4,400 as of July 2023, according to a new analysis prepared by brokerage and real estate companies Douglas Elliman & Miller Samuel. If landlord concessions to renters such as free months are taken into account–otherwise known as net effective rent–the median rent for July still sets a stratospheric record, landing at $4,369. This may be due to landlord concessions slipping more than 3 percent annually, from 12.8 percent to 9.3 percent.
Translated to average rental price per sq. ft., that comes out at a record 4.3 percent annual increase to $84.74.
Perhaps unsurprisingly, lease signings were down by 6 percent, the equivalent to the increase in median rent. The vacancy rate across the borough increased by more than half-a-percent.