Manhattan rents hit record levels in November as demand rose across the borough, despite affordability concerns dominating the recent mayoral race. New leases reached a median of $4,750, which marked a 13 percent jump from last year and a 3.3 percent increase from October. Data from Miller Samuel and Douglas Elliman also showed record highs for every major pricing metric.
Jonathan Miller, president of Miller Samuel, noted that the numbers confirm strong demand. He said that talk of an exodus or a political effect does not match market behavior. More residents are moving into the city, yet available supply remains tight.
Leasing activity usually slows in late autumn, but this year brought a sharp rise instead. Nearly one in four units rented above the asking price. The upper half of the market drove much of this acceleration.
Luxury rentals saw the fastest gains. The top 10 percent of Manhattan units climbed almost 18 percent to an $11,500 median. Large apartments with three or more bedrooms recorded the biggest annual surge, rising 27 percent to $8,500.
Outer boroughs also saw increases. Brooklyn’s median rent reached $3,804, up 8.7 percent. Northwest Queens rose 1.5 percent to $3,510, led by continued interest in Astoria and Long Island City.
