Manhattan Rents Soar More Than 25% Across Most Neighborhoods

by Jennifer Epstein

Manhattan renters faced skyrocketing costs in the first three months of the year.

Median rents rose from a year earlier in every neighborhood, and prime sections of the borough saw increases of 25% or more, data from StreetEasy show. Renters who left the city’s priciest borough en masse during the pandemic are returning, while others are searching for new apartments within the city. The demand is giving landlords leverage to jack up rates.

The biggest jump came in Soho and the adjacent areas of Little Italy and Nolita. Median asking rents jumped 51% from the start of 2021, when rates were still depressed before Covid-19 vaccines became widely available. In the nearby East Village, the increases were nearly as large, at 48%.

Rents are now rising at the fastest pace since StreetEasy started tracking the market in 2011, said Joshua Clark, senior economist at Zillow, which owns StreetEasy. In the decade before the pandemic, year-over-increases averaged from 0% to 10%.

Bargain-hunters may not do any better in many of Brooklyn’s hottest neighborhoods, where the gains were as steep as 36% in Williamsburg and Carroll Gardens.

Most areas of Queens saw smaller increases. In the Manhattan-adjacent areas of Long Island City and Astoria, rents rose just over 20%.

Relief may still be a ways off as the market heads into the spring and summer months when renter demand—and prices—are typically highest, Clark said.

Manhattan, Brooklyn and Queens real estate at a glance for the quarter ended March 31, 2022:

Highest priced sale

Median home price

Change in price from last year

Click or tap on any neighborhood in the map to add it to the comparison charts below. Click or tap on any neighborhood name above to remove it.

Definition of Terms and Methodology

The sales data are based on condo, co-op, townhouse and single-family home transactions during the quarter, according to StreetEasy’s analysis of records from the New York City Department of Finance. Due to a delay between the closing date and when a sale is recorded by the Department of Finance, the data may not include all closings during the quarter.

Highest sale price
The highest sale price for all closed transactions in the quarter.

Median resale price
The middle price for homes with sales that closed in the quarter and had a prior recorded sale since 1995.

Median sale price, all homes
The middle price for all sales that closed in the quarter, including deals in new developments.

Price change
The percentage change in median price from the identical period in the previous year.

Median days on market
The middle value for the number of days from when a home was originally listed on StreetEasy to when it went under contract.

Sales count, all homes
The number of home sales that closed during the quarter.

Sales count, resales
The number of homes that sold in the quarter with a prior recorded sale since 1995.

Median asking rent
The middle advertised monthly price for rental homes listed on StreetEasy during the quarter.

Rent change
The percentage change in median asking rent from the identical period in the previous year.

Rental count
The number of properties listed for rent on StreetEasy during the quarter.

Tipping point
The time it would take for the accumulated costs of renting a home to equal or exceed the cost of buying and owning a comparable-size home in the same area. The calculation takes into account such homeownership costs as principal and interest payments on a 30-year fixed-rate mortgage, New York City taxes and the tax implications of selling a home, and such rental costs as renter’s insurance and the broker’s fee.

Listing discount
The median percentage change between the initial asking price listed on StreetEasy and the recorded sale price.

Share of sales listings with price cuts
The percentage of homes for which the list price on StreetEasy was reduced during the quarter.

Share of rentals discounted
The share of all active rental listings on StreetEasy that had a reduction in asking rent during the quarter.

NAs
Metrics with fewer than 10 examples in a neighborhood aren’t reported because more data are needed for an accurate representation. These are indicated as “NA”.