Manhattan median rent hit $4,750 in November as renters continue to pay a premium
- Brooklyn median rent rose at its fastest annual rate in more than two years to $3,804
- Queens saw a median rent of $3,510, an increase of 1.5 percent as per the Elliman Report
The Elliman Report tracks the listing discount, the difference between the market-wide average rent that renters agree to pay and the market-wide average for asking rents. The listing discount has been negative for many months in NYC.
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Offering to pay more than the landlord is asking seems absurd when rents are sky-high but the practice has become a hallmark of New York City’s ultra-competitive real estate market.
Renters will typically offer more—either through a bidding war or a direct offer to an owner—after they’ve lost out on other apartments and are feeling desperate. (On the sales side, bidding war victors tend to overpay significantly, a phenomenon known as “the winner’s curse.”)
Jonathan Miller, president and CEO of appraisal firm Miller Samuel and author of the Elliman Report, tracks the difference between the market-wide average rent that renters agree to pay and the market-wide average for asking rents. It’s called the listing discount, a holdover from a quaint period when NYC renters had the leverage to negotiate a lower rent.
These days the listing discount shows up as a negative number on the Elliman Report for Manhattan, Brooklyn, and Queens rental markets, indicating that renters are paying a premium instead. “Some renters will pay $300 or $400 above ask because they know there are 20 people vying for the apartment,” Miller previously told Brick.
In November, the listing discount for Manhattan was -0.9 percent, representing the 10th time in the past 11 months that renters paid a premium, according to the Elliman Report. For Brooklyn and Queens, the listing discount has been negative for well over two years; it was -2.1 percent and -1.7 percent respectively last month.
Manhattan median rent soared
Median rent for Manhattan in November grew at its fastest annual rate in nearly three years. It was $4,750 last month, an increase of 13.1 percent over November 2024. Average, median, and rent per square foot reached all-time highs, the report said.
The number of new Manhattan leases was up 2.1 percent and the vacancy rate was 2.56 percent, below the November average for the decade.
Brooklyn, Queens lease signings plunge
In Brooklyn, median rent rose at its fastest annual rate in more than two years. It was $3,804 last month, an increase of 8.7 percent from the previous year. New leases plunged 27.3 percent from a year ago.
Queens saw a median rent of $3,510 last month, an annual increase of 1.5 percent. Lease signings dropped 10.5 percent from the previous year.
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