After a retreat in the second half of 2023 from record-setting rent growth last summer, apartment rents in Manhattan are climbing again in 2024.
The median apartment rent in Manhattan rose to $4,230 in February, an increase of 1.9% over January's median of $4,150. The median rent is still lower than last August's record of $4,400, but it appears to be heading back in that direction.
Rents in Manhattan are nearly 21% higher than pre-pandemic levels, with the average rent per square foot following the same trajectory, rising 6.6% in February to $84.25, which is about 18% higher than pre-pandemic levels, according to a new Elliman Report.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
