Markets & Economy

Manhattan rents still trending upward

Average rent in Manhattan increased in April, but more supply gives renters a playing field
  • On an annual scale, Manhattan rents increased 0.5 percent since April 2015, when price was $3,939 per month.

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Manhattan rents continue to climb month-over-month, but at a milder pace. While Manhattan rent increased slightly by 2.79 percent, listing inventory saw a much larger jump -- from 8,607 to 9,746 rentals in April. The MNS Manhattan market report for April also says average rent across all Manhattan apartments was $3,957.56 in April. The month prior, rent hit an average $3,850.26 per month. Spring is a hot rental season; leases often end this time of year, allowing more rentals to hit the market. Manhattan’s increased supply could be limiting the high-level annual growth New York City renters have faced for years. On an annual scale, Manhattan rents increased just 0.5 percent since April 2015, when price was $3,939 per month. Harlem apartments better on the budget The least expensive neighborhood across the board was Harlem, overtaking both non-doorman and doorman apartments of all sizes. Non-doorman studios in Harlem came in at $1,815 per month, the least expen...