Wednesday, January 19, 2022

Manhattan rents hit highest December record ever as supply plummets

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The average cost of renting an apartment in Manhattan hit a record high in December, with landlords demanding a two-digit increase in rent amid a sharp drop in supply.

According to a market report compiled by the Douglas brokerage firm, the average rental price of facilities in Manhattan, including discounts, was $ 3,392 last month – the highest level in December recorded in more than a decade. and 21 percent more than at the beginning of December. Elliman and appraiser Miller Samuel.

The average rent for goalkeeper buildings – a proxy for luxury apartments – was $ 4,298, an annual increase of almost 23%. For comparison, rents for doorless buildings rose about 8 percent to $ 2,695.

The biggest jump was observed in studio apartments, when the average rental price rose 22% in December to $ 2,550.

Apartments in downtown Manhattan were the most expensive, with an average price increase of 28 percent for the month to $ 4,095.

The average rent for goalkeeper buildings – a proxy for luxury apartments – was $ 4,298, an annual increase of almost 23%.

The numbers showed a sharp difference from December 2020, as the increase in COVID-19 shipments raised concerns about a mass exit from New York City. The vacancy rate fell by only 1.7%, down from almost 11% a year earlier.

“What started as a stream of water early last year was like a demand geyser,” Douglas Elliman, rental broker Janna Raskopf, told Acesparks. “I’ve been doing this for 14 years and it’s unprecedented.”

In December, the listing inventory fell 81 percent from a year earlier, with less than 4,800 apartments being rented out.

Night view of the brick facade of an apartment building with a rusty fire station and old barred windows in New York City
The average rental price for facilities in Manhattan, including discounts, was $ 3,392 last month – the highest level in more than a decade in December.

The lack of available inventory affected the number of new leases, which fell by almost 40% during the month to just 3,345. The increase in COVID-19 infections caused by the Omicron variant may also have affected the numbers.

In an interview with Acesparks, Miller Samuel CEO Jonathan Miller said: “The market is moving out of volatile activity and is looking for more sustainable models in the coming months.” “Omicron is definitely in the mix, it just slows down the activity.”

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