the housing market

Manhattan Rents Went Up Instead of Down

Photo: Andrew Lichtenstein/Corbis via Getty Images

Housing analysts thought that rents might start falling this year, given the frenzy of 2022. But no! According to the latest Douglas Elliman report, median rents in Manhattan reached $4,097 in January — a record high for the month and the third-highest on record overall. (This January’s median rent was 15.4 percent higher than January 2022.)

And the demand is ugly at the top — nearly one in five luxury rentals were in a bidding war and, according to the Elliman report, the median rent for the top 10 percent of Manhattan apartments is now at $11,000, a 12.8 percent increase from January 2022. “We’re not seeing rents fall in any meaningful way,” Jonathan Miller, author of the report, told CNBC. “They’re really just moving sideways.” Sideways seems like a bad way to go right now.

Manhattan Rents Went Up Instead of Down