{"id":1524659,"date":"2025-03-14T10:55:00","date_gmt":"2025-03-14T14:55:00","guid":{"rendered":"https:\/\/bugaluu.com\/news\/?p=1524659"},"modified":"2025-03-14T10:55:00","modified_gmt":"2025-03-14T14:55:00","slug":"manhattan-apartment-rents-hit-record-high-amid-irrational-bidding-wars","status":"publish","type":"post","link":"https:\/\/bugaluu.com\/news\/manhattan-apartment-rents-hit-record-high-amid-irrational-bidding-wars\/1524659\/","title":{"rendered":"Manhattan Apartment Rents Hit Record High Amid “Irrational” Bidding Wars"},"content":{"rendered":"

Manhattan Apartment Rents Hit Record High Amid “Irrational” Bidding Wars<\/span><\/p>\n

\n

Manhattan apartment rents surged to new record highs in February, driven by intensifying competition as the spring housing market begins early.\u00a0<\/p>\n

Last month, signed new leases in Manhattan rose 6.4% to $4,500<\/strong>\u2014$100 higher than the previous record set in the summer of 2023\u2014according to Bloomberg<\/a>, citing new data from appraiser Miller Samuel and brokerage Douglas Elliman.<\/p>\n

Source: Bloomberg<\/em><\/a><\/p>\n

“It’s one of the most challenging times to be a renter<\/strong>,” said Jonathan Miller, president of Miller Samuel, adding,\u00a0“It’s really an irrational market because such a large swath of it is driven by irrational bidding<\/strong>.”<\/p>\n

Last month’s bidding wars<\/strong> occurred during a traditionally cool market that doesn’t usually heat up until spring. New leases driven higher by bidding wars topped 27%\u2014the largest share on record.\u00a0<\/p>\n

Miller noted, “I would argue that the volatility we’re seeing in the economy with the tariffs and the uncertainty that’s piling up is keeping consumers in rentals<\/strong>.”\u00a0<\/p>\n

<\/a><\/p>\n

More from Bloomberg:<\/p>\n

In <\/em>Brooklyn<\/em><\/strong>, the median rent was $3,600, up 2.9% from a year earlier and $350 below the record high set in July 2023. But bidding wars were even more common than in Manhattan last month, happening in 35% of deals. And the average price per square foot hit an all-time high for the borough of $59.15, up 7% from a year earlier.<\/em><\/p>\n

In the part of <\/em>Queens<\/em><\/strong> that includes Astoria and Long Island City, the median rent rose 7% from a year earlier \u2014 the fourth annual increase in five months \u2014 to $3,466.<\/em><\/p>\n

In a separate report,\u00a0Corcoran COO Gary Malin said\u00a0Manhattan’s rental market last month “experienced one of the lowest vacancy rates in three years, as it fell to 1.66%,” adding,\u00a0“High prices and a competitive market continue to prompt many tenants to renew their current leases and simply stay where they are<\/strong>.”<\/p>\n

Record high rents and migrant gangs…<\/p>\n

<\/a><\/p>\n

Tech and Wall Street talent will just go elsewhere for affordable and safer living, such as Austin, Texas.<\/em><\/p>\n<\/div>\n

Tyler Durden<\/a><\/span>
\nFri, 03\/14\/2025 – 06:55<\/span><\/p>\n

\u200bhttps:\/\/www.zerohedge.com\/personal-finance\/manhattan-apartment-rents-hit-record-high-amid-irrational-bidding-wars<\/a>\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"

Manhattan Apartment Rents Hit Record High Amid “Irrational” Bidding Wars Manhattan apartment rents surged to new record highs in February, driven by intensifying competition as…<\/p>\n","protected":false},"author":0,"featured_media":1524660,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-1524659","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","wpcat-1-id"],"_links":{"self":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/posts\/1524659","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/comments?post=1524659"}],"version-history":[{"count":0,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/posts\/1524659\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/media\/1524660"}],"wp:attachment":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/media?parent=1524659"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/categories?post=1524659"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/tags?post=1524659"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}