The rental market in New York continues to register upward trends in prices in different districts, according to the latest data.
In Manhattan, key rental price indicators have reached new all-time highs, with median rents and net effective rents hitting record levels for the third time in four months.
Although new leasing signings were down from the prior month, the vacancy rate was down from the prior month and remained below the decade-long average for the month of July.
In addition, median rental prices for both non-doorman and doorman buildings increased to new records for the second month in a row.
In the borough of Brooklyn, both median and median rental prices have set new all-time highs.
Net effective rents and median rents reached record levels for the fourth consecutive month, despite new lease signings experiencing a decline compared to the prior year, a trend that has been seen in three of the last four months.
In addition, the market share of “bidding wars” held at about one in five new leases, highlighting the competition in the market.
In northwestern Queens, new records have also been set for average and median rental prices. Net effective rents and median rents have reached historic levels for the third time in four months, even though new lease signings have declined year-over-year for the past four months.
On the other hand, the listing discount rate did not reflect an increase for the first time in almost two years.
These data indicate a New York rental market characterized by rising prices and continued competition amid current circumstances. The trends observed in Manhattan, Brooklyn and Northwest Queens reflect dynamics in different boroughs of the city, with factors such as demand and supply playing a significant role in the evolution of rental prices.
Manhattan at record rental levels
According to a report from Miller Samuel y Douglas Ellimanthe median monthly rent in July was $5,588, which represents an increase of 9% compared to the previous year and marks a new record.
Median rent, at $4,400 a month, also hit a new record, along with a price per square foot of $84.74. This was the fourth month in five that rents in Manhattan set a record.
Despite population declines during the pandemic, median rents in Manhattan are up 30% compared to 2019.
Rising rents in Manhattan have continued to defy the predictions of analysts and economists. According to data from the United States Census, the city’s population decreased by 400,000 between June 2020 and June 2022.
Although experts say the population has increased since last year, it is still likely to be below the 2019 figure.
Office occupancy is less than 50%
Additionally, offices in Manhattan continue to be less than 50% occupied due to remote work. According to Kastle Systems, the offices in New York were only 48% occupied at the end of July.
Despite population loss and the rise of remote work, rents in Manhattan continue to rise. Real estate brokers point to the shortage of apartments for sale, due to higher interest rates, as the reason many potential buyers have opted to rent.
Younger workers have also moved into the district since the pandemic.
Although the number of apartment listings is below the historical average, the inventory of apartments for rent increased 11% in July. At the same time, the number of new lease contracts signed decreased by 6% compared to the previous year.
The combination of an increase in inventory and a decrease in leases suggests that Manhattan renters may have finally reached their financial limit, according to the study by Miller Samuel and Douglas Elliman.
Luxurious apartments, the ones that became more expensive
The increase in rents in July was across the board, from small studios to spacious three-bedroom apartments. However, the biggest and most expensive apartments have seen the biggest price increase since the pandemic.
While studio rents have increased 19%, median rental prices for three-bedroom units have increased more than 36%.
Real estate brokers point to the growth in Airbnb units as one reason for the rental shortage. Additionally, recent rental regulations have also taken tens of thousands of units off the market. Landlords say these laws, which limit rent increases in rent-stabilized units, have made it unprofitable to renovate dilapidated apartments. As a result, many are now empty and uninhabitable.
The brokers add that despite rent increases of 30% to 40% last year, many tenants chose to stay, which also limited supply.
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Timelapse made by Univision 41 shows the way in which smoke covered the Big Apple between Tuesday morning and Wednesday morning. The environmental alert made this day New York the most polluted city in the world.
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Poor air quality in New York produced an unusual landscape on Wednesday, June 6, where an orange sun was observed in various parts of the state. All caused by smoke from wildfires in Canada.
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It looked like an eclipse, but the phenomenon that generated these colors was another.
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Sal and Lilly Murphy, from Brooklyn, compared the burning aroma to that of a campfire. They said that they could smell it even in closed spaces, in a restaurant in Manhattan, and that when they left they saw that the sky looked like it was going to unleash a storm, but it was not raining. Lilly put on a mask to protect herself from her. “It’s a little scary,” Sal Murphy said.
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The brightness of the sun stands out in the midst of a dense smoke that covers the skyscrapers of the city that never sleeps.
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This is how New York City woke up on June 7.
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A powerful orange color dyes the air in New York, caused by forest fires in Canada, more than a thousand kilometers from the city.
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A beautiful image captured by photographer Gary Hershorn.
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In this photograph by Seth Wenig, the lantern appears to be shining into the sun. The colors gray and orange produce fear in some people.
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Skyscrapers and Central Park shrouded in smoke from Canada’s wildfires.
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It looks like an orange balloon over the skyscraper, but it’s the sun in an unusual color.
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Manhattan covered by smoke. Authorities have issued an advisory for poor air quality.
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Authorities and experts recommend going out as little as possible, especially for people suffering from respiratory infections.
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Tourists who usually go up to the skyscrapers to observe the city are surprised by the quality of the air.
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A misty New York City skyline as seen from Jersey City.
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The smoke that covers the skyscrapers offers an apocalyptic and dystopian image.
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The authorities have recommended that the population try to go out as little as possible.
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Jersey City buildings hidden in smoke from the fires.
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This is what the stadium looked like in the game between the Yankees and the Chicago White Sox on Tuesday, June 6.
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The Hudson River in thick mist.
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The New York City skyline is seen through the haze of Yankee Stadium.
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The New York City skyline, seen through fog, on June 6, 2023, in New York. (AP Photo/Frank Franklin II)
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The smoke coming from Canada from the forest fires keeps New York City on environmental alert for the high concentration of particles in the air. They ask to wear a mask when leaving.
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The city is maintained this Wednesday with this layer of smoke that gives orange tones to the sky.
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The New York State Department of Environmental Conservation has issued a health advisory. “Active children and adults and people with lung conditions, such as asthma, should do less intense or prolonged physical exercise outdoors,” the alert states.
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Doctor Joseph Varón explained that people with a lung disease may be the most affected. There are people who have very sensitive lungs and even a minimal exposure of minutes makes them feel very bad, ”he explained.
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The New York government pointed out that exposure to these particles can bring certain discomforts.
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A ‘code orange’ air quality alert means that concentrations of air pollution within the region may become unhealthy for sensitive groups.
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Experts and authorities pointed out these recommendations given the air conditions in the City: Keep the windows closed. Use an air purifier if you have one.
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The mixed haze and smoke that hung over New York City for much of Tuesday thickened late in the afternoon, making it impossible to see New Jersey from across the Hudson River.
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New York Governor Kathy Hochul said the hazy skies were “hard to ignore” Tuesday, and New York City Mayor Eric Adams encouraged residents to limit outdoor activity “to strictly necessary”.
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Air quality flaps are caused by a number of factors, including the detection of fine particle pollution, known as “PM 2.5”, which can irritate the lungs.
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2023-08-16 01:10:00
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