Manhattan rents climbed to a new record high in May, with the median monthly rent hitting $4,571 — up from $4,250 a year earlier, a report released Thursday by Douglas Elliman shows.

It’s the third time in four months that median rent in the borough has reached a new high, underscoring the continued strength of demand despite rising costs.


What You Need To Know

  • Manhattan rents climbed to a new record high in May, with the median monthly rent hitting $4,571 — up from $4,250 a year earlier

  • It’s the third time in four months that median rent in the borough has reached a new high

  • Meanwhile in Brooklyn, the median rent rose to $3,650 in May, up from $3,600 in May 2024

Rental price per square foot in Manhattan rose nearly 9% year over year — from $81.70 last May to $88.95 last month — and renters are increasingly finding themselves in bidding wars, the report found.

Nearly 25% of leases signed last month went for above the asking price, with tenants paying an average of 11.4% over the listing price.

At the same time, landlord concessions have sharply declined in Manhattan: just 4.2% of new leases included incentives like a free month’s rent or reduced fees, down from an October 2020 peak of 60.4%.

The report, prepared by appraisal firm Miller Samuel, also shows that new lease activity in Manhattan slipped 4%, with 6,800 new leases signed last month compared to 7,085 in May 2024. It is the first annual decline in over a year.

Inventory in Manhattan continues to grow, with the number of available listings rising around 31% year over year and up 57.9% from five years ago.

But supply has not kept up with demand over those five years, with new lease signings rising by 210.5% during that time, according to the report.

Meanwhile in Brooklyn, the median rent rose to $3,650 in May, up from $3,600 in May 2024. New lease signings declined more sharply there — down more than 12% year over year — despite a 43.4% increase in available apartments year over year.

In northwest Queens, which includes Long Island City, Astoria, Sunnyside and Woodside, median rent climbed 6.6% year over year in May, from $3,400 to $3,625.

Listing inventory soared by 81.3% year over year, while new lease signings ticked up by 1.7% year over year, according to the report.