Manhattan rents hit another record with more increases to come
The median rent on new leases signed in June was US$4,625, up 7.6 per cent from a year earlier and US$54 more than the previous month, according to appraiser Miller Samuel and brokerage Douglas Elliman.
Rents typically climb during the summer, but the pressure this year is intensified by the Fairness in Apartment Rental Expenses Act, which as at June bars landlords from imposing broker fees on their new tenants. Many experts warned that owners would instead roll the cost of those fees into annualised rents, and there are signs that's already begun, according to Jonathan Miller, president of Miller Samuel.
'The reality is the landlord isn't paying for broker commissions,' Miller said. 'They are passing it off in a different way and are building in a rent increase going forward.'
On top of that, demand for rentals is expected to ramp up in the next couple of months as students and new graduates flock to the city, potentially driving prices even higher. Manhattan's listing inventory shrunk 12 per cent in June from May, leaving fewer choices for apartment hunters.
In another sign of a fiercely competitive market, a quarter of new leases last month were signed after bidding wars, a record share for June, Miller said.
Rents also rose in Brooklyn, where the median on new leases last month was US$3,733, up 1 per cent from a year earlier. And in Northwest Queens, including Astoria and Long Island City, the median jumped 11 per cent from a year earlier to US$3,600, but that was down US$25 from May.
Some New Yorkers squeezed by higher housing costs have put their hopes in mayoral candidate Zohran Mamdani, who cinched the Democratic nomination in part for his promises to freeze prices on rent-stabilised apartments. However, some industry observers worry about unintended consequences.
'When you freeze rent, you are not freezing inflation,' Miller said. 'Real estate taxes rise, operating expenses rise. The first thing that goes is maintenance of buildings.' BLOOMBERG
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Straits Times
an hour ago
- Straits Times
In China's factory heartland, warehouses weather Trump tariffs
Sign up now: Get ST's newsletters delivered to your inbox Workers at a delivery company in Guangzhou sort out packages of online shopping giant. GUANGZHOU, China – Labourer Shuai Hang went a week without work earlier in 2025 when sky-high US tariffs on Chinese goods overwhelmed the warehouse he works at and slowed the company's US-bound parcels to a trickle. But on Aug 12, after US President Donald Trump announced a truce on those duties would be extended , the depot in southern China's manufacturing hub Guangzhou was alive with noise as workers stuffed trucks with packages of clothes and kitchenware. Many are destined for the doorsteps of US customers of Chinese-founded online shopping giant Temu. 'Tariffs impact our daily lives,' said 31-year-old Mr Shuai, whose monthly pay of more than 10,000 yuan (S$1,800) dropped by a third previously. 'If tariffs are slightly lower, then there are more outgoing shipments, and then we have higher wages,' he said. Mr Trump's tariff policies since taking office have upended global trade and set off a blistering tit-for-tat with Beijing. But the two major economies agreed in May to a fragile truce , with each temporarily lowering levies on the other's goods. That agreement was extended to November by Mr Trump on Aug 11, hours before it expired. At the height of the tariffs, said Mr Shuai, who has been loading parcels for Guangzhou-based logistics company Weijiang International for a year, 'there was not a single truck' for him to fill, so he could not work. Overall, deliveries dropped by about 20 per cent in May, according to Weijiang's founder, Mr Xiong Wei, with the US market making up around a quarter of their cross-border business. But business has recovered since July, he said. Mr Xiong said he has not lost sleep over the looming expiration of the 90-day tariff truce this week, as he expected it would be renewed. 'We might have been worried in May, but now we are indifferent,' he said. 'We are used to it'. A worker at a warehouse of the Weijiang International delivery company seals packages of online shopping giant Temu. PHOTO: AFP 'Cards reshuffled' These days, the warehouse is sending out 100 tonnes of packages every 24 hours, with up to 70 trucks making trips. Industrial fans whirred as sweat-slicked workers methodically scanned yellow, black and sage green bundles into lorries. Mr Xiong's company has recently invested in its own warehouse in Chicago. In many ways, the uncertainty provided opportunity for smaller logistics companies like theirs, said manager Chen Weiyan, as they have taken the chance to expand their market. 'The cards have been reshuffled,' he said. Around 30 per cent of the parcels moved by Weijiang International end up in a different warehouse, this one owned by Temu-parent PDD, where they are unloaded, repacked and readied for a flight across the ocean. A truck carrying goods for delivery leaves a warehouse of the Weijiang International delivery company in Guangzhou. PHOTO: AFP While the truce is welcome, Mr Shuai, who packs three to four tonnes in a truck daily, said he still pays close attention to tariff news. 'For those of us who have travelled over 1,000km to work here, we definitely don't want frequent breaks. We all want to earn more money,' said the native of neighbouring Guizhou province. Working at the warehouse is less tiring than labouring at a construction site, and earning money has become more difficult in the past two years, he said. Mr Chen, the manager, was bullish. 'We will not give up this market,' he said. 'Folks in America need our goods'. AFP
Straits Times
an hour ago
- Straits Times
Robot dog in Mexico teaches animal kindness on the streets
Sign up now: Get ST's newsletters delivered to your inbox Waldog will flag rubbish on the street, potholes and register fellow street dogs. MONTERREY, Mexico - He walks, he talks, he runs and he plays. He's 'Waldog,' an AI-powered robot that is making the rounds in the northern city of Monterrey, Mexico to raise awareness about animal abuse and welfare. With a metallic, friendly voice, Waldog is about the size of a beagle and initiates conversations with children and adults about animal rights. "Hi, I'm Waldog, and I'm here to give a voice to those who don't have one, the animals who live on the streets," he told one group of laughing residents in the low-income neighbourhood of Santa Catarina in Monterrey on Aug 8. Waldog told them his job is to 'raise awareness' about animal treatment. Federal Senator Waldo Fernandez of Monterrey told Reuters that he paid US$4,084 (S$5, 245) for Waldog with his own money and named the pet after himself. Waldog needs adult accompaniment and is operated by a remote control. Mr Fernandez, a self-professed animal activist, said Waldog seeks to encourage kindness and responsibility toward animals and humans alike. But it will also serve a practical purpose, Mr Fernandez said in an Instagram post: Waldog will flag rubbish on the street, potholes and register fellow street dogs. Top stories Swipe. Select. Stay informed. Singapore Luxury items seized in $3b money laundering case handed over to Deloitte for liquidation Singapore Power switchboard failure led to disruption in NEL, Sengkang-Punggol LRT services: SBS Transit Singapore NEL resumes service after hours-long power fault; single-track service on Sengkang-Punggol LRT Business Ninja Van cuts 12% of Singapore workforce after 2 rounds of layoffs in 2024 Singapore Hyflux investigator 'took advantage' of Olivia Lum's inability to recall events: Davinder Singh Singapore Man who stabbed son-in-law to death in Boon Tat Street in 2017 dies of heart attack, says daughter Singapore Scoot to launch flights to Chiang Rai, Okinawa, Tokyo-Haneda, boost frequency to other places Singapore Man who stalked woman blasted by judge on appeal for asking scandalous questions in court Robot dogs have also been used in search and rescue missions following natural disasters. US authorities are also working on developing robot dogs for patrol along the US-Mexico border. For now, Mr Fernandez said, Waldog has a full agenda: It will visit schools, plazas and neighbourhoods across Monterrey's metro area, in addition to posing for lots of selfies. REUTERS
CNA
an hour ago
- CNA
Stablecoin issuer Circle's revenue jumps in first quarterly results since IPO
Circle posted higher revenue and reserve income on Tuesday in its maiden quarterly results since going public in June, driven by increased circulation of its USDC stablecoin and stronger subscription services. Shares rose 13 per cent, solidifying the rally that has pushed the company's stock to more than five times its initial public offering price. Stablecoins, which are digital tokens backed by low-risk assets such as the U.S. dollar or Treasuries, have drawn increasing investor attention, especially since the Genius Act was passed last month. The law has led some analysts to speculate that the tokens could be used for cross-border remittances and as a bridge between traditional banking and digital finance. The momentum has helped companies such as Circle, which issues USDC, the second-biggest stablecoin by market value after Tether. USDC in circulation grew 90 per cent as of June 30, compared to a year earlier. Circle expects it to grow at a compounded annual rate of 40 per cent through the years. After "our IPO and the Genius Act, we're seeing an acceleration of interest, with major institutions all leaning in," Chief Financial Officer Jeremy Fox-Geen said in an interview. The company's revenue and reserve income grew 53 per cent year-over-year to $658 million, thanks to a jump in the interest it earns from the cash and short-term investments backing its USDC stablecoins. Revenue from subscription and services also rose, Circle said. It reported a net loss of $482 million, primarily due to two non-cash charges related to its IPO, including costs for employee stock awards that vested when the company went public and a higher valuation of its convertible debt following a rise in its share price.
