Rents in New York City approached all-time records last month as inventory grew increasingly scarce. The median rental in Manhattan cost $3,467 last month, according to the New York Post, which cited the latest report by appraisal firm Miller Samuel. That was up a little over 2 percent from $3,392 in December, but it represented a 23 percent spike from January 2021 — falling just $5 short of the January record set in 2020, when the median rental was $3,472 per month. — The Real Deal
The median rental in Manhattan in January was just shy of the $3,540 peak in April 2020. Prices in Northwest Queens and Brooklyn also rose last month, up 28 percent and 11.1 percent year-over-year respectively. The Real Deal notes that the major force behind price growth in the housing market is the persistent shortage of listings, which has been seen in the city’s rental market. The number of rental listings in Manhattan has dipped 83.3 percent year-over-year in January.
The drive in housing demand can be attributed to decreases in Covid-19 cases, leading to workers returning to their offices. The return of in-person schooling is also a culprit.
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