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Manhattan Apartment Rents Hit Another Record in Frenzied Market

  • Median of $3,644 is highest in three decades of data-keeping
  • Almost a fifth of March’s new leases signed above asking price
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The NYC Housing Market Is Booming, Freedman Says

Manhattan apartment rents hit a record high for a second straight month as the city roars back from the depths of the pandemic.

Tenants paid a median of $3,644 on new leases signed in March, the most in three decades of data-keeping by appraiser Miller Samuel Inc. and brokerage Douglas Elliman Real Estate. Rents jumped 23% from a year earlier and are up $14 from the previous record, set in February.