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.