TOWN Residential, New York’s leading luxury real estate services firm, is proud to share the latest installment of the TOWN Leasing Report – a monthly update on residential leasing trends and pricing.
This April, the overall Manhattan rental market closed at a median price of $3,573. Reflecting no change since last month, the average price per square foot was again $64. The median price of a one-bedroom unit was $3,479, and the average was $3,518.
Barring a slight decrease in the three-bedroom segment, April again saw slight month over month average price increases across all bedroom types, now for the third month in a row. Since December 2016, the market has registered an overall 2.4% average price increase.
“In typical seasonal fashion, we have experienced a substantial uptick in demand since April 1st,” shared Dan Marrello, TOWN Managing Director of Leasing. “While supply still seems to be outpacing demand, I expect to see concessions and incentives start to dwindle as we head into the peak renting season.”
Both median doorman and non-doorman prices increased over the course of the month by 2.49% and 2.37% respectively. Since March, total inventory increased by 5.3%, and listings with rent drops increased by a slight 1.2%.
Following the trend in March, the West Village again had the highest average price per square footage at $85 per square foot, followed by Tribeca at $80 per square foot. Compared to the other neighborhoods, the Upper East Side had by far both the highest total inventory and the most new rentals hit the market; 2,328 and 944 units respectively.
With credible data and clear-cut methodology, the TOWN Leasing Report is based on an amalgamation of TOWN Residential internal database, open listings and exclusives as broadcast through industry subscription services with the omission of properties priced over $10,000.