The median rent for a Manhattan apartment in November hit $4,033, up from $3,964 in October, according to a report from Douglas Elliman and Miller Samuel.
The average rent, which is often skewed by luxury sales, fell slightly for the month but is still up 19% over last year, hitting $5,249 in November.
The average rent, which is often skewed by luxury sales, fell slightly for the month but is still up 19% over last year, hitting $5,249 in November. The rise in New York rents also adds pressure to overall inflation, since rents are a large component of inflation indexes and New York is the nation's largest rental market.
"There is some gridlock," said Bess Freedman, CEO of Brown Harris Stevens. "In 2021, rents took off like a rocket and now tenants are stuck. People aren't going to sign new leases at these prices, they're just too expensive. Landlords need to start getting more reasonable."
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