Manhattan Rents Have Record Jump as Tenants Seek Upgrades

Manhattan apartment rents surged by the most on record as workers committed to finding nicer digs in the city in anticipation of a return to the office.

The median rent rose 18% in October from a year earlier to $3,382, appraiser Miller Samuel Inc. and brokerage Douglas Elliman Real Estate said in a report Thursday. It was the biggest annual increase in data going back a decade, though rents are still below the October 2019 median of $3,409.