When sales are slow rentals are generally high. Fewer people buying usually translates to more people renting. In Manhattan, rental prices have increased across all bedroom sizes and market segments with the share of concessions declining annually for the seventh time in eight months. The average days on market decreased by 27-days. The most dramatic news are the studio and 1-beds rent increasing to an 11-year high.
The monthly median rent for a studio in July and August was $2,700, the highest it’s been since June 2008, according to figures released Thursday by appraiser Miller Samuel Inc. One-bedroom units rented for a median of $3,595, a record in data going back to the beginning of that year.
While the rental demand has increased, studio sales in the first half of 2019 fell 13% from a year earlier while inventory rose by 6.6%.
For Brooklyn, price trends continued to set new records even with declining concessions (although new development had twice the amount compared to existing rentals). Net effective median rent rose year over year for the ninth straight month.