Manhattan rents were the highest ever for December as double-digit rent hikes and bidding wars became commonplace
The average apartment rent in Manhattan hit $4,440 in December, according to a report from Douglas Elliman and Miller Samuel.
Manhattan rents hit their highest level ever for a December as the supply of apartments plummeted and landlords started demanding double-digit increases. Raskopf and other brokers say demand is being driven largely by college graduates getting new jobs in Manhattan. Many poured back to the city last spring, when Mayor Bill de Blasio announced that the city would reopen July 1. Even though only about a third of office workers are back at their desks in Manhattan, the expectation of a return-to-office continues to bring in waves of people, brokers say.
Now, the vacancy rate is an unusually low 1.7%, with only 4,700 apartments available. Supply is so low that overall leasing activity fell by 40% in December compared with last year, due to a shortage of rental apartments.Raskopf said she recently listed a two-bedroom for $12,000 a month. She immediately had 26 people tour the apartment and had a bidding war among the renters. She said it will likely rent for 15% above the asking price — like many apartments she's listing lately.
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