Manhattan Rents Hit Record High in November

Manhattan rents reached an all-time high in November, with a median of $4,750, up 13% year-over-year.
The top 10% of rentals saw the sharpest growth, with prices jumping nearly 18% to a $11,500 median.
Despite affordability rhetoric from newly elected Mayor Zohran Mamdani, analysts say strong demand and limited supply are keeping upward pressure on rents.

Key Takeaways

Rents Defy Seasonal Trends

In a departure from the usual holiday-season slowdown, Manhattan’s rental market accelerated in November, reports Bloomberg. Leasing volume was up compared to last year, with about 25% of new leases closing above asking price, according to data from Miller Samuel Inc. and Douglas Elliman.

All key pricing benchmarks — median rent, average rent, and price PSF — hit their highest levels since data tracking began in 2008.

High-End Drives the Market

Luxury rentals continue to outperform. The largest units (3+ bedrooms) saw the biggest price gains, rising 27% annually to a $8,500 median. The top 10% of rental listings climbed nearly 18% year-over-year, underscoring robust demand among high-income earners.

Jonathan Miller, president of Miller Samuel, noted, “There is no exodus and there is no Mamdani effect… There are people coming to the city and not enough supply.”

The strong activity reflects a broader pattern in which rent growth has remained resilient even in areas where renters are increasingly weighing the cost of leasing versus ownership, particularly as home prices level off in certain NYC neighborhoods.

Beyond Manhattan: Boroughs Also See Growth

The rental squeeze wasn’t limited to Manhattan. Rents also rose across outer boroughs:

Brooklyn: Median rent reached $3,804, up 8.7% year-over-year.
Northwest Queens: Median rent hit $3,510, a 1.5% annual increase.

Why It Matters

Mayor Zohran Mamdani’s recent victory was largely driven by calls to address the city’s affordability crisis. However, the latest rent data underscores the persistent imbalance between demand and supply — particularly at the higher end of the market.

Rising wages among top earners and a limited number of available units are pushing prices higher, suggesting that without significant policy intervention or new inventory, affordability will remain a key challenge in New York’s housing landscape.

What’s Next

With new leadership at City Hall and affordability in the spotlight, the incoming administration may face early pressure to respond to continued rent escalation. For now, however, Manhattan’s luxury market remains firmly in the driver’s seat.