Manhattan Rents Hit Record High as Mamdani Won Mayoral Election

Rents for Manhattan apartments surged to a record high in November, as Zohran Mamdani won the mayoral election in large part due to affordability concerns.

New leases were signed at a median of $4,750 in the month, up 13% from a year earlier and 3.3% from October, according to data from appraiser Miller Samuel Inc. and brokerage Douglas Elliman.