Upper Manhattan Rents Soared In 2016

January 15, 2017

Rent prices in upper Manhattan soared between November 2015 and 2016, according to a real estate report released Thursday.

Though still the lowest out of all the borough’s submarkets, the median rent in Manhattan above 110th Street rose 6.4 percent to $2,449 year-over-year in November, according to StreetEasy.

Similarly, rentals in the area were less likely to see discounts: Less than a third of the upper Manhattan rental listings on StreetEasy received price reductions during the month, versus 43 percent of Manhattan rental listings overall.

A StreetEasy expert warned that the upper Manhattan rental market is unlikely to cool as winter progresses.

“Heading into winter, the rental market typically slows down and landlords are eager to fill vacancies, presenting renters with potential opportunities to negotiate,” the site’s economist Krishna Rao said. “This year, upper Manhattan is bucking that trend. If you are shopping for a rental apartment in that area, don’t expect competition to ease up much this winter.”

Overall, Manhattan rent prices increased more year-over-year than those in the sales market, according to StreetEasy.

The median rent in Manhattan rose nearly 2 percent year-over-year in November to $3,245, the listings site found. Meanwhile, the median resale price increased just 0.5 percent to $979,791, its smallest price growth since January 2011.

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