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.