Rental prices in Manhattan are higher than they were this time last year, market reports released today show.
While prices are typically higher in the spring and hit their peak between June and August, Manhattan rents have been also rising year-over-year for 14 consecutive months, according to a report by real estate brokerage Douglas Elliman. The median rental price for a Manhattan apartment rose 3.5% to $3,361 in April from the year before, the report showed.
A new report from real estate group Citi Habitats also found that average Manhattan rents were up in April from a year ago, increasing from $3,420 in April 2014 to $3,459 in April 2015.
Rental prices for one-bedrooms rose the most out of all apartment sizes, increasing 7% from April 2014 to last month, Citi Habitats said.
Vacancies are also on the rise. According to Douglas Elliman, the year-over-year Manhattan rental vacancy rate increased to 1.78% in April from 1.45% the same time last year, while Citi Habitats reported the rate remained nearly stagnant from 1.36% in April 2014 to 1.37% last month.
As the weather gets warmer and renters crawl out of hibernation, the market will increasingly benefit landlords, Citi Habitats president Gary Malin said in a statement.
“Manhattan’s rental market continues its seasonal shift to the landlord’s favor,” he said. “The number of apartment seekers increased substantially during April, thus increasing demand.”