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Manhattan Luxury Rents Go ‘Through the Roof,’ Other Prices Fall

Prices for the costliest rental apartments climbed in October even as the rest of the market eased up.

Manhattan buildings in New York.

Manhattan buildings in New York.

Photographer: Scott Eells
Updated on

Manhattan luxury apartments are becoming even more expensive even as the rest of the market cools off.

Last month, the median rent on new leases for luxury units, the top 10% of Manhattan apartments, climbed 13% from September to $13,000, according to appraiser Miller Samuel Inc. and brokerage Douglas Elliman Real Estate. Prices for the other 90% of the market eased further last month, with the median dropping $21 to $3,850.

“Luxury is through the roof relative to the balance of the market,” said Jonathan Miller, president of Miller Samuel. “That trend is continuing even as the overall market peaks.”