NEW YORK (WCBS 880) -- Rent in Manhattan is continuing on a big upward trajectory, even as many employers are still not welcoming employees back to nearby offices.
According to the latest Elliman Report, the average rental price in Manhattan is up to $4,451, a 14.1% jump from a year ago and 3.2% up from just the previous month.
The jump comes in connection to buildings with doormen — as the median going price is up 18.3% from last year, versus just a 3.9% jump on buildings without a doorman. The report said the growth among higher-end buildings is the largest they’ve seen on record.
Manhattan’s West Side has seen the greatest jump, with a 19.4% rent price jump over the year, now up to $3,700, with Downtown not far behind at $4,021, a 15.1% increase.
Northern Manhattan’s median rents stayed almost exactly the same compared to a year ago, at about $2,200. On the east side, the media is $3,150, up 8.6% over the year.
The real estate report comes just a day after a Partnership for New York City report showed just 49% of Manhattan office workers are due to be back in-person by the end of January. The current level is 28%.
Related
In October, an average of 8% of Manhattan office workers were in the office five days a week. By January, that number is expected to grow to 13%.
Meanwhile in Brooklyn, the big rise in prices has not been seen.
The average rental goes for $3,282, which is actually down a bit more than a half-percent from a year ago, despite a 22% spike in new rentals.
Where there has been movement is in Brooklyn studios, which have nearly doubled over a month period in new leases from a year ago. The cost has jumped 12.5% — while one to three bedroom rentals have only marginally gone up in price, or even dipped.