Manhattan Apartment Rents Rise Most Since ’07 on Demand Jump
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Manhattan apartment rents rose the most in five years as would-be homeowners struggling to get mortgages lingered in the leasing market, competing for space with transplants and new college graduates.
The median monthly rent climbed 7.9 percent in the second quarter from a year earlier to $3,125, according to a report today by appraiser Miller Samuel Inc. and broker Prudential Douglas Elliman Real Estate. It was the biggest jump since the second quarter of 2007, when rents rose 11 percent. The median is 4.3 percent below the peak of $3,265 in 2006, and poised to surpass it, said Jonathan Miller, president of Miller Samuel.