Manhattan Apartment Rents Jump to Record as Bidding Wars Spread

Manhattan apartment rents soared to a record high in February amid intense competition, including bidding wars in a more than a quarter of all deals.

New leases were signed at a median of $4,500 last month, according to appraiser Miller Samuel Inc. and brokerage Douglas Elliman. That’s up 6.4% from a year earlier, and $100 more than the previous record, reached in the summer of 2023.