< All Press

Rent Is So High That New Yorkers Can’t Afford To Move

…The number of new rentals in Manhattan dropped 7.7 percent to 4,605, according to a report released Thursday by Douglas Elliman, which found the average rental price rose 1.7 percent to $3,822 a month.

It was the third straight month where the number of new rentals declined from the year before, suggesting more tenants are renewing their leases, said Jonathan Miller, a real estate appraiser who wrote the Elliman report.

It may be easier for landlords to keep their current tenants so they don’t have to risk an empty apartment to renovate, and it may make more sense for tenants to pony up for increases rather than spend even more on moving expenses, he said.

The situation doesn’t help the vacancy rate, which fell from 2.23 percent last year to 1.94 percent, according to the Elliman report.

“It’s creating somewhat of a log jam,” Miller said.

Brooklyn — where the average rent rose 8.2 percent to $3,035 a month — isn’t faring much better, where the last two months saw the number of new rentals rise roughly 3 percent, down from double-digit rises in the previous few months, Miller said…

Get Weekly Insights and Research

Housing Notes by Jonathan Miller

Receive Jonathan Miller's 'Housing Notes' and get regular market insights, the market report series for Douglas Elliman Real Estate as well as interviews, columns, blog posts and other content.

Follow Jonathan on Twitter

#Housing analyst, #realestate, #appraiser, podcaster/blogger, non-economist, Miller Samuel CEO, family man, maker of snow and lobster fisherman (order varies)
NYC CT Hamptons DC Miami LA Aspen
Joined October 2007