Soaring Manhattan Rents Reach Five Year High

July 30, 2014 | By Damon Young
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  • In June, vacancy rates dropped to its lowest in five years to 1.64 percent.
  • Median rent spiked by 3.3 percent to $3,300 compared to $3,195 same time last year with the average rental price increasing 5.4 percent to $4,079.
  • Inventory decreased 2.2 percent to 5,719 and spent an average of 49 days on the market.
  • Landlord concessions dropped from 3.4 percent of transactions to 2.6 percent.
  • The luxury rental market in Manhattan saw an even larger increase in median rent by 11.3% to $8,848 year over year. 
Tags: Tendeny, Price, Manhattan