A new market report shows rents in Manhattan are more out of control than ever.
For the first time in the city’s history, the median rental price in Manhattan is now above $4,150. A market report by brokerage Douglas Elliman and real estate appraiser Miller Samuel found that the median rental price in Manhattan is currently $4,175.
If calculating using mean averages, the result is even more shocking, with average rent currently $5,115. However, median is typically a more useful statistic when considering real estate prices. The median figure is that which lies at the midpoint of the set of values, meaning that if median rental price is $4,175, half of all rents in Manhattan are higher than that and half are lower.
Broken down by type of apartment, the numbers don’t look much better. The median rent for a Manhattan studio is $3,190. A one-bedroom will set you back $4,150 a month, while a two-bedroom is $5,680 and a three-bedroom is $7,000.
“As the market moves into the spring season, rents are beginning to reach new highs as lease signings and listing inventory expand,” reads the report. “Net effective median rent, including landlord concessions, jumped 13.2% annually to $4,124, the highest on record.”
Downtown apartments are renting at particularly high prices, with the median rental of a downtown apartment at $4,495 a month. By contrast, median rent for an apartment is $3,975 on the East Side and $4,295 on the West Side. Uptown (designated on the report as ‘Northern Manhattan’) is considerably cheaper, with median rent for an uptown apartment at $2,700.