Manhattan Renters Get No Relief in a Still-Competitive Market
- Prices are down from their record highs but remain elevated
- While supply is up, leasing has surged, keeping pressure high
Rents in Manhattan remain much higher than pre-pandemic levels. December’s median was up 16% from the same month in 2019, when it was $3,499.
Photographer: Jeenah Moon/BloombergThis article is for subscribers only.
Manhattan apartment hunters hoping for a significant break in rents may have a long wait ahead of them.
The median rent on new leases signed in December was $4,050 — virtually unchanged from a year earlier and up 1.3% from November, appraiser Miller Samuel Inc. and brokerage Douglas Elliman Real Estate reported Thursday. It was the first month-over-month increase since July, in a season when rents typically are expected to decline.