Rent In Wash Heights/Inwood Is Cheapest In Manhattan: Study

UPPER MANHATTAN, NY — It is not a great time to be looking for a new apartment in New York City.

Specifically looking at Manhattan, rents are up in every part of the borough from where they were last year, according to a recent study by Corcoran — an American real estate firm.

Overall, Manhattan rents last month were up 24 percent from January 2021, reported the study.

Here's a breakdown for Washington Heights and Inwood.

Average Rent

• January 2022: $2,237
• January 2021: $2,052
• YoY increase: 9 percent

Rents in Upper Manhattan have gone up around 66 percent less than the overall average in the borough.

However, the prices are still up around $200 from last year.

"Median rent held steady at its post-Covid high, driven by upward pricing pressure in the Doorman market," reads the report from Corcoran. "The luxury rental segment continues to outperform the market as a whole. 'Amenities' and 'space' remain the buzzwords for many of today's renters. A full 57% of new Manhattan leases signed in January were in doorman buildings, while the average rent for apartments in this property type climbed a remarkable 41% year-over-year, versus 19% for units in non-doorman buildings. "

Here's more information about Washington Heights and Inwood, when it comes to January's real estate numbers.

There were 129 leases signed in the two Upper Manhattan neighborhoods in January 2022, up from the 105 signed in January 2021 — a 23 percent increase.

The two neighborhoods, along with Harlem and Morningside Heights, were the only nabes in Manhattan to see more leases signed in January 2022 than in January 2021.

You can check out the full report for yourself on Corcoran's website.