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Manhattan Apartment Rents Creep Closer to the Highest on Record

  • The median jumped 23% in January from a year earlier to $3,467
  • As units fill up, rents are 2.1% below the peak in April 2020
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The Risks of Inflation on New York City Real Estate

Manhattan apartment rents skyrocketed in January, coming close to an all-time high for the month.

The median rent jumped 23% from a year earlier to $3,467, according to a report Thursday by appraiser Miller Samuel Inc. and brokerage Douglas Elliman Real Estate. That’s just shy of the record for January of $3,472, reached in 2020 before the pandemic exodus sent rates sliding.