Real Estate
Manhattan Rents Jump Most Since 2015
- Monthly median climbed 6.5% in July to $3,521, incentives fell
- High demand from would-be buyers gives owners the upper hand
Photographer: Jin Lee/Bloomberg
Times have changed at the Upper East Side building where broker Cyla Klein has found homes for many renters. Last year, the property’s landlord, eager to lure tenants in a slow market, gave away a month’s rent and installed window air conditioners for free.
“It’s totally different now,” said Klein, an agent at Citi Habitats. When she brokered a lease for a studio apartment there last month, the owner offered no perks, and demanded $125 to install the cooling unit.