### Manhattan Apartment Rents Hit Record Highs
Median apartment rents for new leases in Manhattan have reached an all-time high, according to a report from appraisal firm Miller Samuel. In February, the median rent rose to $4,500 per month, marking a 6.4% increase year-over-year and surpassing the previous record set in the summer of 2023 by $100.
The report also indicated that median rents for existing rentals increased at a higher annual rate than those for new development rentals. Additionally, the average rental price climbed 7.7% year-over-year to $5,368, marking the third consecutive annual rise. Another notable record was set in rental pricing per square foot, reaching $90.65.
Jonathan Miller of Miller Samuel explained to Bloomberg News that the surge in rental demand is partly due to potential homebuyers delaying purchases amid economic uncertainty. He noted that volatility in the economy, including trade tariffs and overall market unpredictability, is leading more consumers to remain in rentals rather than transitioning to homeownership.
