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ew York City's rental market is heating up, defying the usual winter slowdown. In February, Manhattan renters faced record-high rents, with a median rent of $4,500 - a 6.4% increase from last year. Brooklyn and Queens also saw price hikes as vacancy rates tightened.

    "It's a seller's market," says Douglas Wagner, director of brokerage services at BOND New York. "There's not much room to negotiate." Agents are reporting that units are being advertised at low prices to generate interest, only to accept multiple applications from eager renters willing to pay more.

    A quarter of Manhattan deals in February involved bidding wars, a record high according to the Elliman report. Experts attribute this surge in competition to an uncertain economy, hesitant homebuyers, and back-to-office mandates. In Brooklyn, competition was even fiercer, with 35% of deals resulting in bidding wars.

    In contrast, Northwest Queens saw a significant increase in available listings, leading to more landlords willing to make concessions. However, bidding wars still occurred in one-fifth of all deals in the borough. The Elliman analysis also found that non-doorman buildings are experiencing faster rent growth than doorman buildings, as renters prioritize amenities like washer-dryers and upgraded kitchens over traditional perks.

    As the market continues to heat up, experts predict an even more competitive summer. Douglas Wagner advises those seeking better value to consider looking outside prime locations in Southern Brooklyn or Eastern Queens. For Alex K., a California transplant who recently secured a two-year lease in Gramercy, it was a matter of being prepared to bid and offering $400 over the asking price to secure her dream apartment.