NEW YORK CITY — Rental prices in New York City continued to rise last month — especially in one borough, according to a new rental report from the Corcoran Group.
Manhattan’s rental market accelerated sharply in February, according to the real estate group.
The median rent in Manhattan rose to $5,000 a month in February, a six percent year-over-year increase.
In February, there were 3,277 leased signed in Manhattan an increase of 13 percent compared to last year.
Average rents increased year-over-year across all unit types, and each set a new record high, according to the report.
The median rent increased 7 percent year-over-year for all unit types except three bedrooms, which swelled 23 percent.
In addition, reported lease activity rose at double-digit rates year-over-year across most Manhattan neighborhoods.
The Upper East Side had the most leased signed in February with 440 — an 11 percent increase from last year.
The Upper West Side, Midtown East, Midtown West and Murray Hill / Kips Bay rounded out the top five neighborhoods of leases signed.
Gramercy saw the sharpest slowdown in leasing compared to other neighborhoods, but they also saw 19 percent jump in average rents
You can read the full report here.