Median apartment rents for new leases in Manhattan hit a new high as the vacancy rate fell for the fourth consecutive month, appraisal firm Miller Samuel reported. The median rent reached $4,500 per month in February, up 6.4% year-over-year and $100 from the previous record set in the summer of 2023.
Median rent for existing rentals moved higher annually than the median rent for new development rentals, according to Miller Samuel. And the average rental price increased 7.7% Y-O-Y, reaching $5,368 for the third yearly rise. Another record was set in rental pricing per square feet at $90.65.
Miller Samuel’s Jonathan Miller told Bloomberg News that the crowding in the rental marketplace was due partly to would-be homebuyers holding off in the current environment. “I would argue that the volatility we’re seeing in the economy with the tariffs and the uncertainty that’s piling up is keeping consumers in rentals,” Miller said.
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