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Elliman Report: Manhattan, Brooklyn & Queens Rentals 1-2023

MANHATTAN  After peaking in July, median rent continued to move sideways at a nominally lower level as new leasing levels expanded in the New Year. The median rent rose 15.4% annually to $4,097, the third-highest on record and 14% higher than pre-pandemic levels. Average…

BROOKLYN  The average rental price surged 31.7% higher from the prior year to a new high of $4,165, while the average rental price per square foot jumped 26.5% annually to a new record of $55.64. Median rental price fell short of tying the August record by one dollar, which was…

NW QUEENS  The median rent jumped 14.2% annually to $3,369, and the average rent surged 13.5% over the same period to $3,577, to new highs. While the number of new leases declined annually by 6.2% to 379, it remained 23.1% above the pre-pandemic level and…

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