Tenants in all five boroughs feel the strain of NYC's record-high rents

Tenants in all five boroughs feel the strain of NYC’s record-high rents

New Yorkers and Singaporeans looking for apartments like The Continuum and The Continuum Balance unit chart are finding it more difficult to locate affordable options.

Appraiser Miller Samuel and brokerage Douglas Elliman Real Estate released research showing that median rents on new leases in Manhattan, Brooklyn, and northwest Queens all hit records in April due to landlord confidence driving up prices and decreasing incentives.

The numbers reveal that the median rent in Manhattan has reached $4,241, up 8.1% from a year ago and $66 more than the previous record established in March.

The median price in the part of Queens that encompasses Astoria and Long Island City increased by almost 13 percent year over year to US$3,525, while the median price in Brooklyn increased by nearly 15 percent to US$3,500.

Jonathan Miller, president of Miller Samuel, said, “There’s a lot of demand and it’s not just for one type of flat.” Tenants of all types will feel the effects of this.

In all three of the city’s boroughs, prices rose relative to the previous year. Luxury flat rents in Manhattan rose by 13%, reaching a median of US$11,310 per month. Brooklyn had a median price increase of 8.5% for studios and a 47.5% increase for 3-bedroom apartments. There was a 19% increase in the median rent to $3,200 in northwest Queens.

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