Manhattan Apartment Rents Rise to Highest Level Since July
- In October, prices also climbed in Brooklyn, parts of Queens
- Rents risk staying high in future months, Miller says
Rents had previously eased partly because lower mortgage rates in September lured some renters into the for-sale housing market.
Photographer: Jeenah Moon/BloombergThis article is for subscribers only.
Manhattan apartment rents climbed in October to the highest level in three months, rising to prices normally seen during the market’s busier months.
The median rent on new leases increased 2.4% from a year earlier to $4,295, the first annual gain since April, brokerage Douglas Elliman Real Estate and appraiser Miller Samuel Inc. reported Thursday.