Manhattan Apartment Leases Surge, Keeping Rents From Sliding
- Costs are down from summer’s record highs but remain elevated
- Brooklyn and parts of Queens are also seeing robust demand
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Manhattan apartment hunters had plenty of competition in January as leasing jumped and rents rose from a year earlier for the first time since October.
The median price on new leases was $4,150, up 1.3% from January 2023 and $100 more than this past December, appraiser Miller Samuel Inc. and brokerage Douglas Elliman Real Estate reported Thursday. A total of 3,922 rental agreements were signed last month, up 14% from a year earlier and the third straight annual increase.