Real Estate

Manhattan rents hit record high in January

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A man enters a building with rental apartments available in New York City.

Eduardo Munoz Alvarez | VIEW press | Corbis News | Getty Images

Median rents in Manhattan hit a new record in January as a strong job market and limited supply of apartments lifted prices.

The median rental price rose 15% to $4,097 from the year-earlier month — the highest ever in January, according to a report from Douglas Elliman and Miller Samuel. The average rent in Manhattan was $5,142, up 13% over January 2022.

Analysts and real estate experts had expected rents to start falling in January after record surges late last year. But despite a cooling economy and high-profile layoffs in finance and tech, rental…



Source cnbc.com

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