“Leasing activity accelerated during April, thus erasing much of the available inventory. This lack of move-in ready apartments, coupled with an increasing demand for shares, larger homes, and doorman product, caused the median rent to reach $4,384 in Manhattan—a new all-time high.
Quite simply, there is intense demand for housing in New York City—people want to be here. Rising interest rates are putting additional pressure on potential first-time homebuyers, which may cause them to remain tenants in the near term. In addition, we are now entering the traditionally-busy summer season. This ‘perfect storm’ means, that unless something gives, conditions will likely be fierce for renters in the coming months.”
–Gary Malin, Chief Operating Officer, The Corcoran Group
- April 2022’s median Manhattan rent of $4,041 rose 5% since March and a remarkable 37% year-over-year. Manhattan median rents again reached a new high. In addition, non-doorman rents surpassed their pre-Covid peak for the first time.
- Significant average rent gains were seen across the board. Average rents in doorman buildings rose 39% annually to reach $5,835 per month, while for non-doorman product they rose 37% – to reach $3,927. In terms of unit type, average pricing for one- and two-bedroom units increased the most. Rents in these categories both rose 34% annually, hitting $4,268 and $6,035, respectively.
- However, pricing trends continue to vary depending on property type. Climbing 33% annually to reach a median of $4,650, prices in doorman buildings continue to rise at a greater rate than those in non-doorman buildings. For non-doorman units, the median rent decreased 3% vs. last year, to $3,230.
- In April 2022, there were 5,137 active listings across Manhattan, down 14% from March and 62% year-over-year. Supply was also down 7% from pre-pandemic April 2019.
- The Manhattan vacancy rate fell slightly to 1.83% in April (vs. 1.85% in March). Vacancy has been consistently below 2% for the last 7 months, but remains above pre-pandemic levels due to high face rents. In the 18 months prior to the market pause, the vacancy rate averaged 1.3%. Midtown West had the highest vacancy rate in April (at 2.56%) while vacancy was lowest in Greenwich Village/West Village (at 0.69%).
- With 4,384 new leases signed, April 2022 leasing activity increased 13% from March. Due to low inventory and record rental prices, 39% fewer eases were signed when compared to April 2021.
- Brooklyn’s median rent rose to $3,252 in April 2022, up a slight 1% from March and 20% year-over-year. The median rent in Brooklyn has reached an all-time high, surpassing pre-Covid levels.
- At $3,750 the Brooklyn average rent increased 6% when compared to March, while it was up 20% annually. Brooklyn’s average rent also set a new record.
- There were 2,579 active listings available in Brooklyn during April 2022, down 12% from March and a 31% decline year-over-year.
- The average Brooklyn rental spent 73 days on the market—up 14% since March and up 7% compared to last year. With limited supply, lingering listings finally rented, which drove days on market higher.
- There were 1,339 leases signed in Brooklyn during April 2022, 11% more than in March—but 23% fewer than were executed last April. Sky-high rents also curbed leasing activity by 19% compared April 2019 (pre-pandemic).