The median apartment rent in Manhattan soared to $4,500 last month, according to data from the Douglas Elliman brokerage. The median rental price for Manhattan was up 6.4% year-over-year, marking a new monthly record in February.
Bisnow.com reports last month’s figure broke the earlier record of $4,400 set in August 2023. Rent per square foot was up 7.6% year-over-year to $90.65 while the market’s vacancy rate dipped by 0.9%.
“Usually, the seasonal peak of prices is in the summer,” said Miller Samuel CEO Jonathan Miller, the authored the Douglas Elliman data report. “I think this infers that there’s probably going to be more records set during the year.”
Manhattan’s luxury real estate market recorded median monthly rents of $10,600, an 8.4% increase from a year prior, the data shows. The price per square foot for luxury apartments was $104.86, up by 4.6% from one year earlier.
“This is the highest rent per foot we’ve tracked,” Miller said. “On the other hand, inventory fell pretty sharply for luxury. It’s down 15.6% year-over-year, so the market remains pretty tight.”
