Manhattan, Brooklyn Rents Hit Record High This Month, New Report Finds

NEW YORK CITY — The median rental price in Manhattan hit a record high in February, according to a new report.

The borough’s median rent soared to $4,500 in February, and rose 6.4 percent from last February, according to a Douglas Elliman report. February's median rental price is more than the previous record reached in the summer of 2023.

In addition, the average rental price rose to nearly $5,400 — a 4.6 percent increase — from last month.

Rental price per square foot in Manhattan also set a new record, increasing 7.6 percent year over year to $90.65.

In Manhattan, there were 12 percent fewer new leases in February compared to January. But year to year figures show new leases increased 0.6 percent to 4,377.

Other boroughs in the city have seen rental price increases.

The average rental price per square foot in Brooklyn rose to $59.15 — a record high. Those figures are higher by 7 percent year over year.

In Brooklyn, the median rental price surged to $3,600 in February, up from $3,500 in January and $3,499 in February of last year.

The average rental price in Brooklyn rose to $4,035 this month, up from $3,965 in January and $3,795 in February 2024.

In parts of northwest Queens, median rent prices rose from $3,239 to $3,466 or 7 percent in February compared to last year.

The average rental price increased 8 percent year-over-year surging to $3,693 from $3,420.

Similarly, the rental price per square foot rose to $54.87 last month, compared to $53.46 in February 2024.

You can read the full Douglas Elliman report here.