Manhattan median rent holds at $4,900 in September
Manhattan's median rent for new, brokered, market-rate leases was $4,900 in September, unchanged from August. The figure was the second-highest on record for the borough and nearly 8 percent higher than a year earlier, according to Jonathan Miller's monthly report with The Real Deal. Miller said steep rent declines are unlikely in the near term.
For newly signed, broker-negotiated, market-rate leases in Manhattan, the median rent was $4,900 in September, matching August. That is the second-highest level ever recorded for the borough.
The figure was almost 8 percent above the same month a year earlier. The data come from Jonathan Miller's monthly report with The Real Deal. Miller indicated that sharp rent decreases are not expected soon.
With Manhattan rents holding near a record high, renters—particularly those signing new market-rate leases—could keep facing substantial housing-cost pressure. That may influence where people choose to live, how much they can save, and whether they remain in the borough. Property owners and brokers might retain pricing power, while local businesses could see mixed effects if residents have less discretionary income.