Rents are up, up and away in Manhattan.
The warmer weather kept the heat on the borough’s rental market in May, according to two reports.
The median rent for a Manhattan apartment rose 3.5% to $3,200, according to Prudential Douglas Elliman.
Forget about getting any kind of goodies from landlords. Just 4.4% of transactions offered a concession, which amounted to an average of 1.2 months’ worth of free rent or its equivalent.
The borough’s vacancy rate was down sharply to 1.6% from 2.5% a year ago.
A separate report from Citi Habitats showed the average rent in May was $3,448, up $81 from April and up $10 from a year ago.
The borough is now just $13 away from the rental market’s all-time high of $3,461 reached in August of last year.
Tenants can blame the improving economy and a lack of inventory for rising rents.
“Although there are several large rental projects in the pipeline, there is little new product in the near term,” Citi Habitats President Gary Malin told the Daily News. “Our research shows just around 1,500 new rental units to market in 2013, compared to over 3,200 in 2014.”
The picture was different in Brooklyn, where the median rental price fell 3% to $2,579. It was the second month in a row that borough’s median price dropped.
The Brooklyn market tends to be more volatile than Manhattan, noted Jonathan Miller, CEO of appraisal firm Miller Samuel, which compiled the report for Douglas Elliman.
Brooklyn rents came down somewhat as would-be renters of smaller apartments chose to become first-time homebuyers instead, he added. The share of the rental market for studios and one-bedroom units fell 2.2%.
“The Brooklyn sales market is very robust,” Miller told The News. “Low mortgage rates pulled tenants into the sales market.”
Even with the decline, Brooklyn rents remain historically high and demand is strong, especially in neighborhoods like Park Slope, Boerum Hill, Cobble Hill and Williamsburg, said Douglas Elliman director of rentals, Mark Menendez.
“Renters are still looking at Brooklyn as a destination,” he said. “Manhattanites are giving up amenities such as rooftop terraces and a 24-hour doorman for high ceilings, fireplaces and outdoor space that they are finding in Brooklyn.”