Manhattan Rents Rise to Record on Demand for Doorman Buildings

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That’s an example of the polarization in the market, with prices at non-doorman buildings still lagging behind 2019 levels, according to Jonathan Miller, president of Miller Samuel. Landlords at luxury buildings, meanwhile, are cutting back on concessions.

Apartment rents in Manhattan rose to a December record, fueled by request at buildings that have doormen. The median lease in New York’s most costly borough  climbed 16% from a year sooner to $3,475, as per a report Thursday from appraiser Miller Samuel Inc. furthermore brokerage Douglas Elliman Real Estate. That was generally because of leases at structures with doormen, where rents are presently above pre-pandemic levels. Median rents at doorman buildings climbed 23% to $4,298, while buildings without doormen acquired 7.8% to $2,695.

Manhattan’s rental market, which took a hit when the pandemic shut down New York in 2020, has been rebounding in recent months. Now, supply is getting tight. Inventory fell 81% from a year earlier in December and the vacancy rate is 1.7%. That, along with the rise in omicron cases, drove a 39% decline in new leases for the month.

“The market is coming off of unsustainable activity levels and trending toward more sustainable patterns in the coming months,” Miller said. “Omicron is in the mix for sure, just slowing down activity too.”

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