The New York City rental market is regaining strength.
In November, the net effective median rent for Manhattan rose 16.7% compared with last year, according to the most recent rental report from brokerage firm Douglas Elliman and real estate appraisal firm Miller Samuel. That’s the second-straight month of record rates.
“We’re in many ways shocked, and we’ve been too busy to even think about it,” Scott Durkin, CEO of Douglas Elliman, said Thursday on CNBC’s “Worldwide Exchange.”
Other records were broken in the month of November, the report found. The market share of concessions fell at a record rate for the fourth consecutive month, demonstrating that it’s become less necessary for landlords to offer bonuses — such as free months or removing fees — in order to entice prospective tenants. Vacancy rates in Manhattan also hit another all-time low rate, according to the report.
In both Brooklyn and Queens, new lease signings rose to their highest levels…