Manhattan Apartment Rents Hit New High as Median Price Exceeds NT$160,000
According to data from real estate company Corcoran, the median rent for apartments in Manhattan, New York, surpassed $5,000 per month for the first time in April, setting a new record, while the vacancy rate dropped to a six-year low.
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- 📰 Published: May 19, 2026 at 11:51
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(CNA, New York, 18 May, Comprehensive external report) According to data from the American real estate company Corcoran, the median rent for apartments in New York's Manhattan borough surpassed the $5,000 (approx. NT$160,000) mark for the first time in April, while the vacancy rate fell to a six-year low. Renters are unlikely to see any relief in the short term.
As reported by AFP, Corcoran's COO Gary Malin stated in a blog post on the 15th of this month: "In April 2024, the Manhattan rental market significantly heated up, with rapidly increasing demand and continuously tightening supply pushing the market upward."
Last month's median apartment rent in Manhattan was $5,099 (approx. NT$162,300), a 6% increase from the same period last year.
The vacancy rate fell to 1.55%. Malin pointed out that these figures indicate a state of "increased pressure in the rental market."
Rents for various types of properties in Manhattan have generally risen, with one-bedroom and two-bedroom apartments setting new highs at $5,228 (approx. NT$166,400) and $8,338 (approx. NT$265,440) respectively.
The high cost of living has become a highly sensitive political issue in New York and across the United States. This contributed to Zohran Mamdani, who campaigned on a "rent freeze" platform, winning the election for New York Mayor last November (Editor's note: Mamdani is a NY State Assembly member, not the mayor).
Earlier this month, a rent guidelines board held a preliminary vote in support of Mamdani's plan, which would effectively freeze rents for nearly one million New York apartments. This proposal is scheduled for a final vote in June.
In Brooklyn, the most populous of New York's five boroughs, Malin described the rental market as still active, but stated that "for tenants, the situation is relatively less tense."
Brooklyn's median rent was $4,110 (approx. NT$130,000), a decrease from the record high set in February, mainly due to a 16% increase in rental inventory compared to the previous month.
Malin noted, "Overall, Brooklyn remains active, but the market is also showing signs of more balance." (Translator: Tsai Chia-min)
As reported by AFP, Corcoran's COO Gary Malin stated in a blog post on the 15th of this month: "In April 2024, the Manhattan rental market significantly heated up, with rapidly increasing demand and continuously tightening supply pushing the market upward."
Last month's median apartment rent in Manhattan was $5,099 (approx. NT$162,300), a 6% increase from the same period last year.
The vacancy rate fell to 1.55%. Malin pointed out that these figures indicate a state of "increased pressure in the rental market."
Rents for various types of properties in Manhattan have generally risen, with one-bedroom and two-bedroom apartments setting new highs at $5,228 (approx. NT$166,400) and $8,338 (approx. NT$265,440) respectively.
The high cost of living has become a highly sensitive political issue in New York and across the United States. This contributed to Zohran Mamdani, who campaigned on a "rent freeze" platform, winning the election for New York Mayor last November (Editor's note: Mamdani is a NY State Assembly member, not the mayor).
Earlier this month, a rent guidelines board held a preliminary vote in support of Mamdani's plan, which would effectively freeze rents for nearly one million New York apartments. This proposal is scheduled for a final vote in June.
In Brooklyn, the most populous of New York's five boroughs, Malin described the rental market as still active, but stated that "for tenants, the situation is relatively less tense."
Brooklyn's median rent was $4,110 (approx. NT$130,000), a decrease from the record high set in February, mainly due to a 16% increase in rental inventory compared to the previous month.
Malin noted, "Overall, Brooklyn remains active, but the market is also showing signs of more balance." (Translator: Tsai Chia-min)